UK disruptor Concirrus, which has widened its client base threefold over the last 12 months, has further reasons to celebrate after raising US$20 million (around £15.4 million) in its Series B funding round.
Led by AlbionVC, the funding round comes hot on the heels of what the marine and automotive insurtech described as “exceptional growth” for the business, which offers a behavioural-based underwriting platform called Quest. The technology delivers portfolio management and predictive analytics using big data aggregation, artificial intelligence, and machine learning.
“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 Concirrus chief executive Andrew Yeoman.
“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.”
The funding round saw the participation of current investors such as IQ Capital and EOS Venture Partners.
Commenting on their involvement, IQ Capital partner Max Bautin noted: “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 US$7 million top-up in this round and are very excited to be part of the continued journey through the growth stages.”
Meanwhile AlbionVC partner Robert Whitby-Smith stated: “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.”