London-based InsurTech company Insly has raised €1m ($1.13m) from angel investors in a new Seed round.
The company, which provides software replacing papers and spreadsheets for insurance brokers and agents, will use the new funding to bolster its development team and expand in new markets.
Risto Rossar, CEO and founder of Insly, commented, “The most important achievement for us is the breakthrough in the London insurance market.
“Our sales team has managed to sell cloud-based software to most the conservative customers – London insurance brokers.”
Launched in London in 2000, Insly previously raised €15,000 ($16,800) in Seed financing in 2014.
The company employs 30 people in offices in London, Tallinn, Minsk, Warsaw and Vilnius. Its expected revenue in 2016 is €1.6m ($1.8m), almost doubling from €870,000 ($979,000) in 2015.
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