Insly secures £1.5m in venture debt funding
Insly, the low/no-code software platform for insurers, insurance brokers and Managing General Agents (MGAs), has secured £1.5m in venture debt funding from Hambro Perks, a leading venture debt provider known for its commitment to supporting visionary companies. The funding will provide Insly with the resources to scale up its products, marketing and accelerate growth.
Founded by Risto Rossar in 2013, Insly enables insurers, MGAs, brokers, and underwriters to digitise and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, finance and reinsurance. Insly aims to make insurance technology easy to implement and use, enabling insurance companies to increase efficiency, optimise customer experience, and reduce unnecessary costs.
Insly’s no/low-code product, launched in 2022, is highly customisable and easily configurable, reducing the need for lengthy and costly development and implementation time. Since its launch, it has reduced the time required for new customer implementations by more than threefold, cutting costs and driving a 36% increase in license fees in the first half of 2023.
“With the development of our no/low-code platform, Insly has evolved from an IT services company to an independent standard-setting product, accelerating customer onboarding and growth,” commented Risto Rossar, Founder and CEO of Insly. “Insly's readiness for debt financing signifies a major financial milestone, highlighting positive cash flows and a stable, predictable revenue base. This achievement underscores the company's robust fiscal management and market resilience. Poised for growth, Insly's financial stability, backed by Hambro Perks' funding, sets the stage for further innovation and expansion.”
Ross Goodwin, Partner at Hambro Perks, commented: "We were impressed by Insly’s forward-thinking strategies in reshaping the insurance landscape. The company’s dedication to enhancing the capabilities of their industry resonates with our principles of innovation and excellence, and we look forward to supporting them on their ambitious growth plans. With a team marked by exceptional skill and determination, Insly stands out as a catalyst for revolutionary change in the insurance sector.”
In the last ten years, Insly has grown to a team of 100, with offices in Tallinn (core development unit), London (HQ), Vilnius, and Warsaw. 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.
Insly has provided full-cycle low/no-code insurance software for MGAs and insurance companies since 2013. Insly delivers a scalable solution for C-Suite employees and underwriters looking to launch and distribute new products. Additional services like accounting, reporting, and claims management tools further enhance the platform's capabilities for streamlining and optimising insurance selling and admin processes. Find out more at insly.com
About Hambro Perks
Hambro Perks is a London-headquartered international investment firm focused on private investing. It partners with founders and entrepreneurs to support growth businesses at all stages of the investment cycle. Hambro Perks has specialised and dedicated investment teams, working across a number of funds. In addition to their flagship Venture, EIS, co-investment and Growth Debt funds, Hambro Perks offers a number of specialist differentiated investment strategies, including Hambro Perks Environmental Technology, Special Situations, and Access, which invests in venture secondaries.