Insly raises €1.3 million

UK-based insurance SaaS software provider closed a seed extension of €1.3 million from existing investors Concentric and Uniqa Ventures, with participation from The British Business Bank’s Future Fund Scheme.

Insly offers full-stack insurance software to sell and administer insurance policies. Its platform is used by over 1000 brokers and 30 underwriters, producing combined annual premiums of over €1.1 billion. It recently launched a low-code platform for MGAs and insurers which enables them to build insurance products “ten times faster” than the previous software version.

“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.” – Insly Founder and CEO Risto Rossar.