Insurtech company Konsileo has raised £4.7m in a Series A funding round, with £3.2m provided by previous investors Committed Capital.
London-based Konsileo is a commercial insurance broker and risk management adviser. It has created a broker platform that checks compliance and manages policy admin, with the goal of saving time for brokers.
“Konsileo’s model is based on several key principles. We believe trusted advisers are more important to clients than broking brands, that data-driven advice is highly valued, and that broker data can ultimately add more value than insurer-only data,” said John Warburton, CEO and co-founder, Konsileo.
The round also saw a £900,000 investment from ACF Investors as well as an unnamed UK venture capital fund and angel investors.
Konsileo will use the fresh capital to attract more UK insurance brokers to the service and to develop the platform.
In April, the FCA-authorised firm was granted chartered status. Its latest funding boost follows a £2.7m round in April 2018.
Tim Mills, founder and managing partner at ACF Investors, said: “Commercial insurance is absolutely critical to the operation of every business, but compared to personal insurance and underwriting, it is an area that has been mired in an old-fashioned and cumbersome customer experience for years.”