Irys InsurTech Inc. has landed $3.5m in its seed funding round, and is now aiming to take on the legacy competitors across the InsurTech space.
The Florida-based start-up secured the capital in the round led by Markd, a firm known for its keen interest in groundbreaking InsurTech innovations, and is now looking to herald in a new era where traditional insurance distribution processes are challenged and redefined.
The funding round also included investment from prominent InsurTech firms such as; Brokertech Ventures, Revtech Labs, Cofounders Capital and Mtech Capital.
Margeaux Giles, CEO of Irys, said: “Parker Beauchamp, our lead investor, shares our vision of breaking free from outdated, restrictive insurance practices.
“We’ve assembled a group of intelligent, motivated, and unorthodox insurance entrepreneurs. We’re not just shaking the tree; we’re uprooting it.”
With Irys’ ambitious target to revolutionise the InsurTech space, this investment is pivotal for the Tampa-based company, as it will fuel the scaling of the platform and implementation team, thereby providing the industry a much-needed escape route from the confines of traditional systems.
Irys, with its revolutionary spirit and no-nonsense approach, is ready to demonstrate what the future of insurance distribution can and should look like.
Markd’s Parker Beauchamp spoke passionately about being apart of the traditional insurance distribution processes revolution, he stated: “In my distribution experience, there was never a bigger drag on growth, profitability, innovation, and customer happiness than an agency management system.
“I have no issue with legacy claims of those to be the original insurtechs. They certainly act like it.”
“In Margeaux and her team, we knew we had finally found someone who has been a successful insurance agency account and operations manager, and they created and will continually innovate an AMS other professionals like she all dream of having.”
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