Brolly, a UK-based personal AI-driven insurance app, said on July 28 that it has closed a £1 million seed round led by Valar Ventures, Pi Labs and Entrepreneur First.
Valar, the US venture capital firm backed by Peter Thiel, previously led the Series A and B rounds of TransferWise and the Series A rounds of Number26 and Qonto. Brolly is Valar’s second seed investment in the UK market.
"The pace of innovation in the insurance industry has not met consumer demand and we see massive potential for growth in this market,” said James Fitzgerald, co-founder of Valar Ventures.
“Brolly’s unique positioning and dedication to building an insurance ecosystem around the customer impressed us. We’re excited about their plans to build on what they've achieved so far by developing the product further and bringing more partners onto the platform,” Fitzgerald added.
Launched in a closed beta in August 2016, Brolly’s technology combines data aggregation and insurance product integrations to connect with customers.
Brolly will use the funds to develop its product further, including the release of a new version on iOS and Android as well as scale-up its 10-strong team. Later this year, Brolly plans to bring on major insurance partners covering home, travel and motor onto the platform.
“The $5 trillion insurance industry has not materially changed in the past century,” commented Phoebe Hugh, co-founder and CEO of Brolly.
“We’re on a mission to build an insurance marketplace that actually works for people. Millions of people haven’t switched their insurance provider for years and are paying hundreds of pounds more than they need to for inadequate coverage. Brolly is radically changing this broken market so customers have more control over their policies and purchases and can make informed decisions based on their individual needs.”
Brolly, AI, Insurtech, Investment, Insurance, Growth, UK, James Fitzgerald, Phoebe Hugh