InsurTech startup Anorak Technologies has raised £5m in Series A funding from Kamet Ventures, taking the total amount of investment raised by the company to £9m.
Anorak will use the money to invest in its proprietary technology and data teams.
Founded in 2017, Anorak seeks to give everyone access to regulated and personalised protection advice.
David Vanek, co-founder and CEO at Anorak, commented on the round’s closure: “The life insurance sector is on the verge of transformation and Anorak is leading the way. Kamet investment enables us to deliver on our vision. We are committed to using cutting-edge technology to bring life insurance sector into the digital age and make protection advice accessible to the millions unprotected in the UK.”
Kamet Ventures is a €100m incubator funded by French insurance giant AXA.
Guillaume Borie, AXA’s chief innovation officer, said Anorak’s platform was “transformational for the life insurance sector”.
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“It will enable carriers to create a new breed of distribution partnerships from banking to gig economy platforms whilst also reinventing the experience of existing intermediaries networks,”Borie added.
Stephane Guinet, CEO of Kamet Ventures, explained why he backed the company.
“The Anorak team has been first to market with innovative proprietary technology, which really does change the game. In a short space of time, it has secured partnerships with groundbreaking FinTech companies, honed the user experience of the product and been recognised as one of the lead innovators in the life insurance space by being shortlisted for numerous awards and named in the top 100 InsurTech startups in EMEA. We’re happy to have backed the team since the beginning and looking forward to a bright future with this company.”
The news comes after the company raised £4m in January 2018.