Insly scoops £1.5m in venture debt funding to scale up

Insly has secured £1.5m in venture debt funding from investment firm Hambro Perks.

A statement announcing the deal today (7 November 2023) said the money would be used by the low/no code insurance software firm to scale up products and marketing in a bid to accelerate its growth trajectory.

Founded by ex-broker Risto Rossar in 2013, Insly helps insurers, brokers, managing general agents (MGAs) and underwriters digitise and automate mid and back-office operations such as distribution, policy administration, underwriting, claims, finance and reinsurance.

Rossar said the new investment “set the stage for further innovation and expansion”.

“Insly’s readiness for debt financing signifies a major financial milestone, highlighting positive cash flows and a stable, predictable revenue base,” she added.

“This achievement underscores the company’s robust fiscal management and market resilience.”

Low/no code

Insly’s low/no code software only requires users to have basic coding skills for them to develop and integrate complex applications.

Since its launch, the Insurtech 50 firm has reduced the time required for new customer implementations by more than threefold, while it has driven a 36% increase in license fees in the first half of 2023.

“With the development of our no/low-code platform, Insly has evolved from an IT services company to an independent standard-setting product, accelerating customer onboarding and growth,” Rossar said.

And Ross Goodwin, partner at Hambro Perks, said his firm “were impressed by Insly’s forward-thinking strategies in reshaping the insurance landscape”.

“The company’s dedication to enhancing the capabilities of their industry resonates with our principles of innovation and excellence and we look forward to supporting them on their ambitious growth plans,” he added.