Anorak bags £5m in funding round support the growth of its network.

Automated life insurance advice platform Anorak has bagged £5m to support its ambition to become the most innovative life-focused InsurTech in Europe.

Outward VC led the round, with contributions also coming from Triple Point Ventures and previous Anorak backer Kamet Ventures.

In addition to investment firms, several angel investors committed to the fresh round. Former Hollard CEO Nic Kohler, Allianz chairman Paul Evans, ComplyAdvantage CEO and founder Charlie Delingpole and Fonix founder Will Neale were among the backers.

This capital burst will help Anorak expand its distribution and partners network, whilst investing into its automated advice platform.

Anorak claims to be the only platform to offer seamless omnichannel experiences whilst allowing users to connect to expert advisers it they want.

The InsurTech company was founded in 2017 together with Kamet Ventures. The company’s founders David Vanek and Vincent Durnez realised that while life insurance is integral to everyone’s lives, it is too complex for most to understand and acquire.

Anorak was designed to make life insurance and expert financial advice available to all. Its platform can be integrated into existing software, empowering people to access life insurance options whilst using services such as digital banks, online mortgage brokers, investment platforms, digital money management service and challenger banks.

Anorak CEO and co-founder David Vanek said, “Our mission is to help millions protect their financial future. We are passionate about advice, and we believe that everyone should have access to it. We can ensure that each person gets the protection that is right for them.

“The last 12 months has left many of us in a state of financial uncertainty, and many are actively searching for fair and transparent advice on insurance. Our platform provides exactly that and we are looking forward to continuing to work with our partners to bring this education to the masses.”

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