London-based InsurTech startup Azur has reportedly raised £13.3m in funding to support moving into new markets.
The investment was supported by AIG, Ascot Group, Hyperion Insurance Group and seasoned FinTech investor Richard Little, according to various reports in the media.
Through this equity injection, the company is hoping to move into new markets, further development of its product suite and fuel the growth of its technology, the articles report.
Azur is a managing digital agency platform which is working in partnership with AIG. The platform offers insurance brokers and clients with a solution to improve their underwriting processes and handle all a customer’s needs in a single location.
Through the platform, clients can offer customers insurance products for home, motor, collections, collector car and construction, with all policies powered through AIG.
Earlier in the week, fellow InsurTech startup Foxquilt closed its own round of funding, bagging CAD $1.2m ($915,000) in its seed stage. The capital injection was led by Extreme Venture Partners and will help the Canadian company with the development of its technology.
Last year, North America’s InsurTech sector received the largest share of funding around the world, according to data by FinTech Global. The region received 62.67 per cent of the total $1.4bn which was invested into the global InsurTech space in 2017.
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