InsurTech Konsileo has completed a £8 million fundraise to accelerate its expansion across the UK.
Konsileo specialises in mid-market advised sales for small, medium and mid-corporate businesses from construction and logistics firms, to farms to recycling plants.
It has been designed to avoid layers of middle management that do little to add value to clients or colleagues, and replaced it with robust structures that support self-management and collaboration.
For instance, it facilitates brokers with different specialisms to team up and agree directly how to divide the work and benefits, and embeds real-time compliance checking.
Now employing 160 people, in the last 12 months Konsileo has grown by two thirds to become a £12m brokerage placing in excess of £60 million GWP on a run-rate basis.
The £8m fundraise is a mixture of debt and equity financing led by long-term shareholders Committed Capital, together with ACF Investors and Growth Lending, a specialist growth finance provider.
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“Konsileo is going from strength to strength. Putting brokers at the heart of our organisation – and designing the best working practices and technology to support them to do their best work for their clients – resonates with talented professionals and clients alike,” said John Warburton, co-founder and CEO.
“This latest investment gives us additional firepower to keep growing our award winning commercial broking organisation. We’re delighted to have the support of Growth Lending, Committed Capital, and ACF investors.”
Committed Capital chief executive Steve Harris said: “Konsileo has become a rarity in the commercial insurance broking sector. It has delivered strong organic growth on a highly capital efficient model.
“It has reached scale without acquisitions and without compromising on integrity and culture. We think the Company is poised to deliver strong revenue growth over the foreseeable future.
“We’re delighted with progress and proud to continue our support of the business.”
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