Insurance SaaS software provider Insly has secured a seed extension of 1.3M EUR from existing VCs Concentric and Uniqa Ventures, with participation from The British Business Bank’s Future Fund Scheme. Combined with solid results for 2020 – €72K in profits and €3.4M in revenues – this will pave the way for scaling up the business in 2021.
Regardless of a stormy year, Insly managed to launch a completely new low-code platform for MGAs and insurers which enables them to build insurance products ten times faster than the previous software version. In addition, well-considered, yet challenging decisions and a clear focus on growth paid off with profitable business results.
“The year started quite shockingly for us – just after having decided to start fundraising, the COVID-19 crises hit the world. We faced the difficult decision of whether to continue with fundraising and investments or set ourselves into normal growth mode. Choosing the latter, we successfully turned Insly into a profitable company and maintained a notable 32% growth in sales,” commented Risto Rossar, CEO and Founder of Insly.
Kjartan Rist, the Founding Partner of Concentric added, “we are delighted to continue the backing of Insly. The company’s combined knowledge of insurance and digitalisation means Insly is well–positioned to deploy their cloud-based product into insurers and brokers systems that are looking to digitalise their workflow and overall operations, worldwide. The resilience, innovation, and overall strength shown in 2020 will enable the business to reach further heights in the years to come”.
Insly offers full-stack insurance software that takes selling and administration of insurance policies into the 21st century. Insly’s platform is trusted by over 1000 brokers and 30 underwriters, producing combined annual premiums of over €1.1B.