Insurtech Insly raises €2.2m for expansion

Insly, a cloud-based insurance platform, has received an investment of €2.2 million led by Concentric and Black Pearls VC to expand the business.

The London-based insurtech firm develops insurance software and offers insurance policy management for insurance brokers and agents, as well as managing general agents (MGAs) and wholesale. Its goal is to make insurance easy to understand, manage, and buy for both service providers and end users.

The company claims to be serving 180 customers in 40 countries, with close to €2 million of revenue in 2017 while making a profit.

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,” said Insly CEO Risto Rossar.

“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.”

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