Insly, a no-code software platform for insurers, insurance brokers and Managing General Agents (MGAs), has raised ?1.1m in a bridge round.
Existing investors, Concentric and Uniqa Ventures committed to half. The other half was committed to by an angel syndicate led by Fund Fellow Founders. The round brings Insly total raised to ?5.8m.
The London and Tallinn based InsurTech, enables insurers, MGAs, brokers, and underwriters to digitise and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, and reinsurance.
The Insurtech was founded by Risto Rossar after he established IIZI Group in 2000, a digital insurance broker. On selling the business in 2014, he then founded Insly with the mission of making insurance technology easy to implement and use.
Although Insly began as a SaaS solution for brokers, it has since diversified into tools for MGAs and insurance companies, while also developing a no-code product which is customisable and easily configurable, reducing the need for maintenance and costly development talent.
In the last eight years, Insly said it has grown to a team of 100, with offices in Tallinn, London, Vilnius, and Warsaw. It serves over 1,000 brokers, MGAs, and insurers, with over 15,000 users, and over ?0.5bn gross premiums transacted on the platform. Its customers span 52 countries around the globe and global revenues have grown by over 30% in the last year.
Rossar said that, while the bridge funding isnt immediately required, it will help the business to accelerate growth across its broker SaaS division in Poland and its MGA and insurer SaaS division spanning London and Tallinn. The funds will enable further product development, as well as fuelling sales and marketing initiatives to acquire new customers.
Rossar said, ?Insly has had a successful few years, developing our no-code offering and making significant inroads into the MGA and insurer market. We are onboarding new customers all the time, and the business is also close to breaking even, a fantastic achievement in a relatively short space of time.
?This bridge round will enable us to step up our product development, sales and marketing, so we can bring our products to even more customers, and move closer to our goal of building one of the biggest insurance platforms in the world.p>
Earlier this month, UK-based InsurTech Stubben Edge raised ?5.6m in additional funding following its ?10m investment in September 2021.
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