London, March 22th, 2018 – 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 will strengthen our position in the MGA and P&C insurance companies segment.’ Click To Tweet
‘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 to 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.
Founded in 2015, Insly is a cloud-based insurance software development company, offering insurance policy management for insurance brokers and agents, as well as MGAs and wholesale. Its goal is to make insurance easy to understand, manage, and buy for both service providers and end users.
Concentric is an investment partnership investing in digital technology companies across Europe. They support innovative businesses that can defend a leading market position and companies with a proven product and business model. For more information: http://concentricteam.com/
About Black Pearls VC:
Black Pearls VC is an early stage venture capital firm, focused on supporting the best entrepreneurs in Poland and the Baltic Sea Region, who develop world-class deep-tech & enterprise software businesses.
More information: Risto Rossar, firstname.lastname@example.org, +372 51 19 746