Concirrus, a London-based insurtech startup, has closed a $20 million Series B funding round led by AlbionVC. The company will use the new funding to expand its predictive analytics platform, geared toward the automotive and marine insurance sectors.
Quest is the company’s behavioural-based underwriting platform, which delivers portfolio management and predictive analytics to a variety of stakeholders: asset owners, brokers, insurers and capital providers.
In the last year Concirrus has tripled its client base, a growth trajectory the company hopes to maintain through expanding internationally, diversifying its target business, and cultivating the right reputation.
“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,” explained Andrew Yeoman, CEO of Concirrus.
He continued: “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. This investment injection provides us with the financial footing to become the class leader.”
Existing investors IQ Capital and Eos Venture Partners, who led the startup’s 2018 Series A, also participated in the round.
Max Bautin, partner at IQ Capital, said: “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 $7 million top-up in this round and are very excited to be part of the continued journey through the growth stages.”