Insurtech startup Konsileo secures £2.7m to scale up operations
London-based commercial insurance broker Konsileo has raised £2.7 million in Series A funding from Belgravia-based technology investor Committed Capital.
The new investment will be used to scale up operations hiring commercial lines brokers and teams to work virtually in targeted hubs in the UK.
Konsileo said that it intends to save up to 60 percent of the time spent on admin by "working flexibly and collaboratively with colleagues instead of hierarchically with bosses".
“We believe that the commercial insurance market is ripe for disruption. Konsileo’s plan to use technology to transform the economics of insurance broking by focussing on the needs of advisors and clients is a recipe we have seen work very well in other markets,” said Committed Capital CEO Steve Harris.
Konsileo co-founder and CEO John Warburton, commented: “After spending months fine-tuning our software and proposition, we’re delighted to be scaling up with the support of Committed Capital.”
Committed Capital shareholder and board member Judy Welch, who will join Konsileo’s board, added: “Konsileo has the opportunity to be a true disrupter and the potential to challenge the major players. I look forward to working closely with John and the team as their growth accelerates.”
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