UK-based insurtech startup Percayso Inform has raised £3.4m in a funding round led by Manchester-based venture capital investor Praetura Ventures.
The company will use the fresh funds to accelerate its product development and move into new sectors in the UK insurance market.
Launched in 2019, Percayso offers provides clients with access to insurance information services via its data and intelligence hub.
The platform is used by insurers to avoid fraud, compete on price comparison sites and reduce risk levels. The company’s modular solution consists of Percayso Enrich data hub, Inform module and Deploy module.
The investment builds upon the $15.8bn raised by UK insurtech’s in 2021.
Percayso’s offering is built on a SaaS model, which works by aggregating data from multiple sources and offering it via an API. It also enables insurers, brokers and other specialist managing general agents to better use, optimise and analyse their own data, ratings and intelligence strategies. The company employs 22 people and is currently focussing on building its platform, sourcing data partners and creating key software house integrations.
“This investment and our new partnership with Praetura Ventures is a powerful endorsement of our vision, our strategy and the solutions we are delivering to the insurance industry,” said Richard Tomlinson, Percayso managing director. “What really attracted us to Praetura Ventures was their approach to giving more than money to the businesses they invest in. Their understanding and enthusiasm for all things tech, together with the additional business skills they bring, will provide the support we need to take things to the next level.”