Concirrus closes $20 million in Series B led by AlbionVC
Marine and automotive insurance company Concirrus announced it has closed a $20 million Series B funding round led by AlbionVC. The funding also includes participation from current investors IQ Capital, EOS Venture Partners and several angel investors.
The company, which has increased its client base three-fold over the last 12 months, has developed a behavioral-based underwriting platform called Quest which delivers portfolio management and predictive analytics.
“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. 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. 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 as they continue in their pursuit to securing market advantage. This funding enables us to deliver this.” – Andrew Yeoman, CEO at Concirrus .
Client include Hiscox, Marsh, Willis Re, Skuld, Sedgwick and North P&I.
“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. We believe Concirrus, led by Andrew, is poised to become a significant global software company.” – Robert Whitby-Smith, Partner at AlbionVC.
“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 $7m top-up in this round and are very excited to be part of the continued journey through the growth stages.” – Max Bautin, Partner at IQ Capital.