Driverly, a business providing adaptable app solutions to major car insurance companies, has completed a six-figure funding round.
The Cardiff-based startup was initially launched as a platform making it easier for young drivers to access car insurance, using data gathered on individual drivers to help bring down their insurance contributions.
It has since switched to a B2B model, providing its customisable platform to a number of insurers, who can use Driverly as a basis for their own apps to gather and provide data on drivers.
The round was supported by the Development Bank of Wales, Angels Invest Wales and high-profile Welsh investors and the investment will help the firm to grow its customer base and develop its technology.
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“We’re delighted with the level of support we’ve received from Angels Invest Wales and the co-investment syndicate led by Simon [Bell, lead investor],” said Armin Kia, CEO of Driverly.
“Having angels come on board gives us access to a huge pool of business experience from veteran entrepreneurs who have started, supported and exited a number of businesses across Wales, and we’re hugely looking forward to the things we’ll be able to accomplish together.”
Bell added: “We have a lot of strong experience in this syndicate, and we’re really excited to put that mix of expertise to good use at Driverly. Their team is made up of experts, but they’re also humble and ready to make changes when they need to.
“And we were all very impressed by Driverly’s recent pivot from a B2C business to a B2B model, leveraging their existing work and insights in a different way.
“Their model allows insurance businesses to tweak and refine their app without having to embed it in a large ICT department, meaning they can rapidly adapt it to meet customer needs.”
This is the second round of investment the business has received from the Development Bank of Wales, following the investment of £250,000 in equity during a pre-seed investment round in 2022.