Insly Secures €1.1 Million for Growth and Expansion
Insly, a pioneering low/no-code software platform based in London, UK, dedicated to serving insurers, insurance brokers, and Managing General Agents (MGAs), has successfully raised €1.1 million in bridge funding. This latest funding round saw a balanced investment structure, with half of the capital coming from current investors Concentric and Uniqa Ventures, and the other half provided by an angel syndicate led by Fund Fellow Founders. With this additional injection of funds, the total amount raised by Insly now stands at €5.8 million, which positions the company strongly for its upcoming growth initiatives.
The newly acquired funds will be strategically utilized to accelerate growth across Insly's operations in key markets, including Poland, London, and Tallinn.
With this focus, the company aims to enhance its product development efforts significantly, while also expanding its sales and marketing initiatives with the goal of acquiring new customers. Founded by Risto Rossar, Insly has carved out a niche within the insurtech landscape, offering a comprehensive platform that enables insurers, MGAs, brokers, and underwriters to digitize and automate their mid and back-office operations, covering critical functions such as distribution, policy administration, underwriting, claims, and reinsurance.
Over its eight years of operation, Insly has evolved from being a Software as a Service (SaaS) solution primarily for brokers to diversifying its offerings to encompass tools tailored for MGAs and insurance companies. The development of a no-code product allows for customization and configuration, which significantly reduces the dependency on costly development resources and maintenance. Additionally, Insly has expanded its suite of services to include accounting, reporting, and claims management tools, all designed to streamline and optimize processes related to insurance sales and administration. Currently, the company boasts a workforce of 100 employees and serves over 1,000 brokers, MGAs, and insurers, with a remarkable transaction volume of over €0.5 billion in gross premiums through the platform, demonstrating Insly’s prominent role in the global insurtech arena.
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