London-based insurtech cloud company Insly has raised €2.2m investment to expand the business.
Concentric and Black Pearls VC lead the investment round, which is supported by the National Center for Research and Development from the Polish side, and the London Co-Investment Fund from the UK side.
Insly, which was established in 2015, provides insurance policy management for insurance brokers and agents, as well as managing general agents (MGAs) and wholesale agents.
The start-up said it will use the funds raised to further develop its cloud-based insurance platform, scale the business and expand into new markets.
Presently, Insly serves 180 customers in 40 countries. The company generated revenue of about EUR2m for last year.
Insly CEO Risto Rossar said: “We have proven the value of our product on several markets. It is now a matter of scaling it all up.
“We will strengthen our position in the managing general agents (MGA) and property & casualty (P&C) insurance companies segment as well as continue with the geographical expansion with an immediate focus on the Polish market.”
In June 2016, Insly raised a seed round of nearly €1m from several investors from the UK, US, Estonia, Switzerland and Germany.
Concentric managing partner Kjartan Rist said: “We have been keeping an eye on the insurtech landscape for some time and it has been a challenge to find a company that has a long-term vision and an actual, proven value proposition. Insly has shown its capability to change the archaic insurance industry.”
Black Pearls VC managing partner Marcin Kowalik stated that the Polish insurance market is ready to become much more digital that it is today and Insly can play a major role in that journey.
“It will turn current players more efficient while enabling the new generation of digital agents and brokers to launch their businesses on the Insly platform at modest costs,” Kowalik said.
Insly aims to make insurance easy to understand, manage, and buy for both service providers and end users.
Image: Insly CEO Risto Rossar. Photo: Courtesy of Insly Ltd.