The risk management expert and commercial insurance broker Konsileo announced the conclusion of a £4.7 million (USD 4.81 Million) Series A investment round on 5th July 2022. Growth Tech VC Committed Capital, which made its initial investment in Konsileo in 2018, served as the round’s lead investor and contributed £3.23 million (USD 3.31 Million) to the latest funding round.
ACF Investors, a UK venture capital fund, and angel investors are among the new investors, who each contributed £900,000 (USD 921K). A proprietary broking platform created by Konsileo with integrated compliance checks, superior policy administration, and freedom from pointless repetition duties enables extraordinary risk capture, insight, and cross-firm cooperation. Konsileo, which more than doubled in size in 2021, intends to utilize the funding to expand its technology platform and speed up the hiring of insurance brokers in the UK.
What the founder has to say:
CEO and co-founder John Warburton commented:
“Konsileo’s model is founded on several important tenets. Since data-driven advice is highly appreciated, trusted advisors are more essential to customers than broking brands, and broker data has the potential to be more valuable in the long run than insurer-only data; this is our position.
These ideas inspired us to design our broking systems from the ground up. But innovation isn’t just limited to our technology or mindset. With a specifically planned, contemporary culture that has no hierarchy but encourages professional competence and collaboration, we operate Konsileo as a workplace for the future.”
What the investors have to say:
Committed Capital Chief Executive Steve Harris said:
“When we first met John Warburton and the Konsileo team, we knew we had found a strong offering in a sizable and thriving industry. We admired the use of advanced technology in the commercial insurance sector, which hasn’t seen a lot of investment in technology. Additionally, we loved the concept of making investments on the brokers’ solid connections with their clients.”
ACF founder and Managing Partner Tim Mills said:
“Commercial insurance is unquestionably essential to the operation of every business. Still, in contrast to personal insurance and underwriting, it is a field that has lagged in providing customers with a dated and burdensome customer experience for years, with very little interest or investment being made in technology and process to foster a level of 21st-century customer engagement. Konsileo is committed to reimagining this £37 billion (USD 38 billion) sector and bringing a fresh approach to commercial broking. Utilizing cutting-edge technology, a brand-new booking platform, and effective data-led risk management gives advisers the tools and autonomy they need to provide customers with the best solutions.”
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