Commercial lines insurtech platform Insurwave has completed a £5m fundraise to drive continued growth.

The fundraise, led by existing shareholders, will be invested in expanding the features of the platform, which is designed for the entire insurance ecosystem, serving multinational companies with complex insurance needs.

Founded in 2017, the firm exists to connect and share information and data between risk owners, brokers, insurers and reinsurers, automating interactions and eliminating multi-party discrepancies.

Features include parametric insurance contracts, internal & external data integration, automated premium calculation, and risk performance ledger.

CEO David Power said: “We are delighted by the industry’s response to Insurwave, as we continue to onboard clients across risk owners, brokers, insurers and reinsurers. We are mission-centric in our approach to provide a digital-first platform for complex insurance that can benefit the sector at large.

“Our latest funding round comes at a key moment for the commercial insurance sector. More than ever, asset owners require access to capacity and progressive risk solutions to address their complex risk needs.

“Simultaneously, insurers, reinsurers and brokers are embracing technology that can complement and future proof their offerings. Our platform has a role to play in supporting insurance clients and insurance providers so that they can navigate the complexity and create digital insurance journeys for complex insurance.”