An undisclosed buyer has acquired Sydney-based insurtech Butter, which provides single-item subscription cover for possessions such as phones, ear pods, watches and laptops.

Insurtech Gateway Australia incubated Butter in 2021 and co-led a $1.3 million funding round.

Its website says Butter was acquired in mid-2025 and “the buyer plans to retain the Butter brand and continue to grow the business”.

The insurtech was co-founded by Cassie Bell and Steph Skevington.

“It’s bittersweet to step away, but I’m glad Butter continues on and we’re sure the new team will carry on Butter’s legacy,” Ms Skevington said on LinkedIn.