London-based marine and automotive insurtech firm Concirrus has secured $20 million in a Series B funding round led by AlbionVC.
The funding also included participation from current investors IQ Capital, EOS Venture Partners and several angel investors.
The investment will help to support the continued development of Concirrus’ behavioural-based underwriting platform, Quest.
Quest delivers portfolio management and predictive analytics using advancements in big data aggregation, artificial intelligence and machine learning.
Concirrus has grown its client base three-fold over the last 12 months, and has partnered with companies such as Hiscox, Marsh, Willis Re, Skuld, Sedgwick and North P&I.
“According to Willis Towers Watson, insurtech investment reached an all-time high in 2019 and this year will be very much characterised by companies that are able to break through,” said Andrew Yeoman, CEO at Concirrus.
“This investment injection provides us with the financial footing to become the class leader. It also takes us on to the next stage of growth enabling us to internationalise, broaden the strength of our product offering and diversify across multiple business lines,” he continued.
“We recognised that this is a community steeped in history and tradition, therefore longevity is vital. Our customers need to feel confident that they are working with trusted partners that are here to stay and can respond to their evolving needs as they continue in their pursuit to securing market advantage. This funding enables us to deliver this.”
Robert Whitby-Smith, Partner at AlbionVC, also commented: “Concirrus has established itself as the category leader in the application of predictive analytics powering a behavioural underwriting platform, and is providing the global ecosystem (including asset owners, brokers, insurers and capital providers) with the information and the tools to transform a fundamental aspect of their businesses – the way they understand, price and manage risk. We believe Concirrus, led by Andrew, is poised to become a significant global software company.”
And finally, Max Bautin, Partner at IQ Capital, stated: “We first backed Concirrus 18 months ago at Series A and have been delighted to see the rapid transition from a start-up to a scale-up, with some of the largest names in the insurance industry joining as clients. We doubled up on our initial investment with a $7m top-up in this round and are very excited to be part of the continued journey through the growth stages.”
