Insly, a cloud-based insurance platform, announced an investment of €2.2 million (US$2.7 million), led by Concentric and Black Pearls VC.
Founded in 2015, Insly offers insurance policy management for insurance brokers and agents, as well as MGAs and wholesale. The London-based company said its goal is to make insurance easy to understand, manage, and buy for both service providers and end users.
Insly said it serves 180 customers in 40 countries, with close to €2 million euros ($2.5 million) of revenue in 2017.
The raised funds will go towards developing the platform further, scaling the business and expanding into new markets, the company added.
“We have proven the value of our product on several markets,” said Risto Rossar, CEO of London-based Insly.
“It is now a matter of scaling it all up. We will strengthen our position in the MGA and P/C insurance companies segment as well as continue with the geographical expansion.”
“Although our main focus in terms of the MGA business remains in the UK, we now serve MGA-type customers elsewhere as well, with particularly good up-pick in Canada,” commented Insly’s CCO Ott Kell.
“We have been keeping an eye on the insurtech landscape for some time and it has been a challenge to find a company that has a long-term vision and an actual, proven value proposition,” says Kjartan Rist, managing partner of Concentric. “Insly has shown its capability to change the archaic insurance industry.”
The investment round also was supported by the National Center for Research and Development from the Polish side, and the London Co-Investment Fund from the UK side.
Concentric, with offices in London and Copenhagen, is an investment partnership investing in digital technology companies across Europe. It supports innovative businesses that can defend a leading market position and companies with a proven product and business model.
About Black Pearls VC
Headquartered in Gdansk, Poland, Black Pearls VC is an early stage venture capital firm, focused on supporting the best entrepreneurs in Poland and the Baltic Sea Region, who develop deep-tech and enterprise software businesses.