Cloud-based insurance platform Insly has closed a €2.2m funding round led by Concentric and Black Pearls VC.
This investment was also supported by Poland-based National Center for Research and Developmentand UK-based London Co-Investment Fund.
Insly, which is based in London, develops insurance software to support insurance brokers, agents, MGSs and wholesale. The platform helps firms keep track of their customers and coverage, create and administer policies and configure insurance products, among other support services.
Founded in 2015, the company can also help to automate the consumer lifecycle by generating and sending invoices, accepting payments, manage unpaid invoices, and automate the renewal process. Complex reports can also be generated by the platform to help monitor business growth, customers, sales and bills.
The company serves 180 customers across 40 countries and last year was close to €2m in revenue, according to the company.
Funds from the round will be used to develop the platform, scale the business and expand in to new markets.
Insly CEO Risto Rossar said, “We have proven the value of our product on several markets. 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 with an immediate focus on the Polish market.”
Black Pearls VC managing partner Marcin Kowalik said, “Polish insurance market is ready to become much more digital than it is today, and Insly will certainly play an important part in that journey.”
The company previously raised a €1m seed round from angel investors back in 2016. Including the latest investment round, the total capital raised by Insly has reached €3.3m.
Concentric has previously invested in to the mobile banking startup Pockit, which has raised £10m across a range of investment rounds.
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