Commercial lines broker raises £2.7m in funding

Commercial lines broker Konsileo has raised £2.7m in its first round of fundraising.

The broker has said it will use the money to increase productivity in the UK by hiring brokers and teams who will work in targeted hubs.

It says it can cut operational costs by allowing brokers to work wherever they want.

As a result, it says its brokers will keep more of what they earn, work flexibly and collaboratively with colleagues instead of hierarchically with bosses, and save up to 60% of time spent on admin.

Committed Capital has experience of investing in fintech firms and was one of the early investors in Fairstone Group, an IFA consolidator now with over £7bn of client assets.

Committed Capital chief executive, Steve Harris said: “We believe that the commercial insurance market is ripe for disruption. Konsileo’s plan to use technology to transform the economics of insurance broking by focussing on the needs of advisors and clients is a recipe we have seen work very well in other markets.”

Committed Capital shareholder and board member Judy Welch, who joins Konsileo’s board, added: “Konsileo has the opportunity to be a true disrupter and the potential to challenge the major players. I look forward to working closely with John and the team as their growth accelerates.”

Konsileo co-founder and chief executive, John Warburton said: “After spending months fine-tuning our software and proposition, we’re delighted to be scaling up with the support of Committed Capital.”