i23 Raises £4.9M Seed

London-based InsurTech start-up i23 has raised £4.9M in a seed funding round. The company is developing an AI-native commercial insurance broker platform designed to automate administrative workflows, data ingestion, and policy documentation within the insurance industry.

Investors

The round was co-led by Outward VC, Seedcamp, Insiders VC, and Four Cities Capital.

i23 Use of Funds

i23 intends to use the capital to acquire an existing insurance brokerage. By owning a brokerage, the company plans to deploy its agentic AI technology directly into the firm's operations to demonstrate measurable margin and service gains by decoupling business growth from back-office headcount requirements.

About i23

i23 is a London-based start-up focused on transforming the insurance brokerage model through artificial intelligence. Led by CEO Anand Sambasivan, who is a co-founder of PrimaryBid, and President Bim Afolami, a former Economic Secretary to the Treasury, the company aims to modernize insurance processes by transitioning from a software-only vendor to an integrated brokerage owner.

Funding Details

Company Website: https://i23group.com/

Company: i23
Raised: £4.9M
Round: Seed
Funding Date: November 4, 2026
Additional Investors: Outward VC, Seedcamp, Insiders VC, Four Cities Capital
Software Category: InsurTech
Source: https://www.techmarketview.com/ukhotviews/archive/2026/11/04/former-ministers-insurtech-takes-the-acquisition-route