Insly, a London, UK-based low/no-code software platform for insurers, insurance brokers, and Managing General Agents (MGAs), announced that it raised a €1.1 million bridge funding, bringing Insly’s total amount raised to €5.8 million.
Half of this figure was committed by existing investors, Concentric and Uniqa Ventures, and half by an angel syndicate led by Fund Fellow Founders.
The funds will be used to support further product development and sales and marketing initiatives to acquire new customers.
“Insly has had a successful few years, developing our no-code offering and making significant inroads into the MGA and insurer market,” comments Rossar, Founder and CEO of Insly. “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.”
Company: Insly Limited
Round: Bridge funding
Funding Month: September 2022
Lead Investors: Concentric and Uniqa Ventures
Additional Investors: Fund Fellow Founders
Company Website: https://insly.com/
Software Category: low/no-code insurance software
About the Company: Founded by Risto Rossar with the mission of making insurance technology easy to implement and use, enabling insurance brokers to increase efficiency, optimize customer experience, and reduce unnecessary costs. Insly provides full-cycle low/no-code insurance software for MGAs and insurance companies. Insly enables insurers, MGAs, brokers, and underwriters to digitize and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, and reinsurance. 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. Insly has offices in Tallinn (core development unit), London (HQ), Vilnius, and Warsaw.