Pru, as predicted by Money Marketing in February, has just taken a 15 per cent stake in the portal service and has provided part of a 7.5m total cash injection.
Existing shareholders Norwich Union, Friends Provident and Aegon Scottish Equitable have also contributed to the latest round of fund-raising which will be used to upgrade Assureweb’s infrastructure.
Scottish Widows and Clerical Medical have not contributed and have seen their stakes in the company reduced as a result.
In a reshuffle at Assureweb, former NU head of e-business Paul Hitchen has joined as chief operating officer and Practiv managing director Andrew Simon joins in the summer in the new role of business development director.
Assureweb’s new IT platform is being developed by Accenture and Microsoft.
Assureweb chief executive officer John Spellman says: “Assureweb has been punching under its weight for some time. Now with the right backing of its shareholders we can start to drive things forward.”
“This investment should enable us to become a real industry utility. It sets out our future intentions to the rest of the market – we intend to see this business grow.”