Swedish insurance tracking platform Insurely raised 19 million euros in the Series A funding round led by New York-based PE & VC Insight Partners with the participation of Stockholm-based venture capital firm Alfvén & Didrikson alongside the company’s existing investors. The company offers real-time data-driven user-friendly solutions by combining open API architectures inserted in insurance practices. Stockholm-based insurtech startup has already attracted major players in the market including Avanza, ICA Försäkring, Lassie, and Hedvig. The funding will enable the startup to expand more in the European markets. SaaS advisor Hannah Meiton also joins the board.
Insurely, on its mission to digitize the insurance market with its easy-to-use solutions for open insurance, today announced the completion of a €19 million Series A funding round. The company will use the funds to scale the business into new markets in Europe. The funding round was led by New York-based global private equity and venture capital Insight Partners with participation from the Swedish investors Alfvén & Didrikson. The company had, until today, raised €3 million. Previous investors, Luminar Ventures, Philian, and Neptunia Invest, continue to invest in the A funding round, with Insight Partners and Alfvén & Didrikson entering as new investors.
Insurely’s open insurance platform makes it possible for insurers and financial players to access real-time data from the insurance market. The high-quality data helps players to personalize and streamline the customer journey online, optimizing their pricing and developing products that customers demand. Several Swedish players like Avanza, ICA Försäkring, Lassie and Hedvig are already using Insurely, and soon Insurely’s solutions will be available in other European markets as well.
”We’re excited to continue our journey with new strong investors that share our vision to make the insurance industry more open and obvious. With the new funding, we plan to accelerate our expansion to strategically selected markets with the UK and France being among the first,” says Martin Einemo, CEO and Co-Founder of Insurely.
“Insurely’s open insurance platform enables insurance carriers, banks, and insurtechs to integrate to a single point of access for all insurance data. There is huge potential in Insurely’s vision, and the company has already developed a number of relevant products for the market in a short amount of time,” said Teddie Wardi, Managing Director at Insight Partners “We look forward to partnering with the Insurely team as they continue to grow and Scale Up.”
“Open insurance is an exciting area in which Insurely is an actor at the forefront. We strongly believe in how the team is running the business long-term and are really glad to be part of their journey”, says Ken Liebkind, partner at Alfvén & Didrikson.
Via Alfvén & Didrikson, the Swedish tech profile, Hannah Meiton, takes a seat on Insurely’s board to contribute within the areas of business development with SaaS sales focus.
“We have seen an increased interest in our open insurance platform among European insurers and banks. With the new funding and support we are well positioned to strengthen our offering by scaling the team and adding further key competence. Given the successful growth in existing markets, we are convinced the expansion will take Insurely to the next level”, Martin Einemo adds.
Insurely was founded in 2018 and is Europe’s leading open insurance platform. Insurely creates enhanced insurance experiences with the help of open data and innovative technology. This enables insurance companies and banks to reach a better understanding of their customers, increase conversion and strengthen customer satisfaction while empowering consumers to better understand insurance and, therefore, make better choices. Everything is in a seamless digital flow with real-time data sharing.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm’s recent fundraise, Fund XII, brings Insight Partners regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO.
Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO.
About Alfvén & Didriksson
Alfvén & Didrikson is an active and long-term backer of passionate entrepreneurs and teams with international growth ambitions. Since 2010, the Alfvén & Didrikson team has made investments in fast growing European companies such as Trustly, Quinyx, Acast, Mentimeter, Sympa and Airmee.