Insurance software developer Insurely has collected €2.5m to support the expansion of its team.
The round was led by Swedish venture firm Luminar Ventures.
In addition to growing its team, Insurely plans to use funds to expand its operations to more markets in Europe.
The InsurTech’s goal is to digitise insurance in Sweden through its API and easy-to-use solutions for open insurance. Its technology empowers clients to create effective services for switching insurance contracts, as well as enabling insurance in personal finance management apps.
Insurers and financial players can access real-time data from as much as 95% of the Swedish insurance market, it claims.
Insurely CEO and co-founder Martin Einemo said, “There is a real spike in demand for innovative API solutions tailored for the insurance industry and we’re now gearing up to scale our business and support more players within the European insurance market. With Open Insurance taking off, I expect us to grow our business by as much as five times this year alone. We´re also looking to double our team with new recruits, especially within product development and partnerships,”.
Prior to the funding round, Insurely raised €500,000 pre-seed funding round a number of angel investors. These backers include Netsafe founder and former CEO Emanuel Lipschütz, former Peltarion CEO Elias Jacobson, Quizduel co-founder Robert Chirico Willstedt and MW group founder Mikael Karlsson.
Following the close of the fresh investment, Luminar Ventures has become Insurely’s main investor.
Luminar Ventures founding partner Jacob Key “Insurely is creating Open Insurance, which, in the same way as Open Banking, creates a completely new transparency and opportunity for personalization within the insurance industry. In a short period of time, the team has proven that they can develop innovative API-based solutions and onboard paying customers in an otherwise rather non-digitized industry.”
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