Konsileo, a commercial insurance broker and risk management adviser, has raised a £4.7 million Series A funding round.
The London company has developed a proprietary broking platform with built-in compliance checks, and policy administration that frees brokers from unnecessary repetitive tasks and facilitates exceptional risk capture and insight and cross-firm collaboration.
The round was led by growth technology VC Committed Capital, which first invested in Konsileo in 2018, and which provided £3.23m of the current funding round.
New investors include a £900,000 investment from ACF Investors, a UK venture capital fund and angel investors.
Konsileo doubled in size in 2021 and plans to use the investment to accelerate its recruitment of UK insurance brokers and further develop its technology platform.
“Konsileo’s model is based on several key principles. We believe trusted advisers are more important to clients than broking brands, that data-driven advice is highly valued, and that broker data can ultimately add more value than insurer-only data,” said CEO and co-founder John Warburton.
“Those principles led us to create our own broking systems from scratch. But it’s not just our tech or our outlook that’s innovative. We run Konsileo as a workplace for the future, with an explicitly designed, modern culture that has no hierarchy but supports professional excellence and collaboration.
“Our aim is to give our team the tools they need to be the best and happiest professional risk advisers they can be, to give clients great information and support, and to give insurers a true and trusted partner. This investment will allow us to accelerate our growth plans, and continue to shake up the world of commercial broking.”
The company was awarded chartered status in April.
InsurTech 50 – UK’s most innovative insurance technology creators for 2021
Committed Capital CEO Steve Harris said: “When we met John Warburton and the team at Konsileo we knew we’d found a compelling proposition in a large and very liquid market.
“We liked the application of sophisticated technology in the commercial insurance space – not an area that’s seen much tech investment. We also liked the idea of investing in the strong relationships brokers had with their clients.
“The team have deep industry knowledge and understanding, a proven track record in tech development and deployment, excellent relationships with insurers, and a fast-growing book of satisfied clients. We were also impressed by the high degree of predictability and symmetry in the growth of the business going forwards – and are proud to be continuing with the team on their journey.”