Insly, a cloud-based insurance platform, announces an investment of € 2.2 million led by Concentric and Black Pearls VC.
Insly is a rising star in the global effort to bring the traditionally bureaucratic, paper based business of insurance trading into the modern day. The London-based company is serving 180 customers in 40 countries, with close to 2 million euros of revenue in 2017. Insly is turning a profit from its existing customers.
The raised funds will go towards developing the platform further, scaling the business and expanding into new markets. ‘We have proven the value of our product on several markets,’ says Risto Rossar, the CEO of Insly. ‘It is now a matter of scaling it all up. We will strengthen our position in the MGA and P&C insurance companies segment as well as continue with the geographical expansion with an immediate focus on the Polish market.’
‘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,’ says Kjartan Rist, Managing Partner of Concentric. ‘Insly has shown its capability to change the archaic insurance industry.’
‘Polish insurance market is ready to become much more digital than it is today, and Insly will certainly play an important part in that journey,’ adds Marcin P. Kowalik, Managing Partner at Black Pearls VC. ‘It will turn current players more efficient, while enabling the new generation of digital agents and brokers launch their businesses on the Insly platform at modest costs.’
It’s not only the private players that see value and potential in Insly. The investment round is supported by the National Center for Research and Development from the Polish side, and the London Co-Investment Fund from the UK side.