Commercial insurance broker and risk management adviser Konsileo has closed its Series A on £4.7m.
This investment was led by existing Konsileo backer Growth Tech VC Committed Capital. The firm deployed £3.23m into the Series A.
The remaining £900,000 came from UK-based venture firm ACF Investors and unnamed angel investors.
Konsileo, which doubled in size during 2021, plans to use the funds to accelerate the hiring of insurance brokers and bolster the development of its technology.
The InsurTech company has built a proprietary broking platform with built-in compliance checks and policy administration that frees brokers from unnecessary repetitive tasks.
Konsileo CEO and co-founder John Warburton said, “Konsileo’s model is based on several key principles. We believe trusted advisers are more important to clients than broking brands, that data-driven advice is highly valued, and that broker data can ultimately add more value than insurer-only data.
“Those principles led us to create our own broking systems from scratch. But it’s not just our tech or our outlook that’s innovative. We run Konsileo as a workplace for the future, with an explicitly designed, modern culture that has no hierarchy but supports professional excellence and collaboration.”
The InsurTech company previously raised £2.7m in a funding round back in 2018.
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