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Insly has raised $11.1M across 7 funding rounds.
Key people at Insly.
Insly has raised $11.1M in total across 7 funding rounds.
Insly provides cloud-native software for insurance brokers, Managing General Agents (MGAs), and insurance companies, headquartered in Tallinn, Estonia, with operations in over 52 countries. The SaaS platform digitizes the complete insurance lifecycle, enabling customers to manage proposals, applications, risk assessments, and claims through an integrated system. As of its 10th anniversary, the company achieved an €8 million annual revenue run rate. Insly has raised a total of €6 million, including €4.3 million in earlier funding rounds and €1.7 million in venture debt from Hambro Perks. Investors include Concentric, Black Pearls, Uniqa Ventures, and FFF Ventures, and the company recently acquired Polish firm TubaPay to expand payment processing. Insly was founded in 2013 by Risto Rossar, an industry veteran.
Insly is a London-based insurtech company providing a low-code, modular insurance software platform that digitizes the full insurance lifecycle for managing general agents (MGAs), insurers, and brokers.[1][2][4] Its core product enables creation and management of insurance products, distribution, accounting, reporting, and claims handling, solving inefficiencies in legacy paper-based and spreadsheet-driven processes.[1][2] Founded in 2012, Insly has raised $8.78M total funding, achieved an €8M annual revenue run rate by its 10th anniversary with profitability, and grown 20% YoY in revenue to over €8M in 2024 while expanding its team to 117 and entering markets like Australia.[1][2][5]
The platform's growth momentum includes key launches like low-code tools for faster onboarding, claims management, Brokerflow for brokers, and AI-powered FormFlow in December 2024 to automate data capture from any format into quote-and-bind systems.[2][5] Recent moves, such as acquiring Polish payment processor TubaPay and partnering with Bitcoin insurer Anchorwatch, bolster its end-to-end offerings amid rising demand for scalable insurtech.[2][3][5]
Insly traces its roots to 2000, when founder Risto Rossar launched IIZI Brokers, the world's first online insurance broker operating in Estonia, Latvia, Lithuania, and Finland, developing foundational technology for digital insurance.[2] Spotting a gap in broker software, Rossar founded Insly in 2012 in Estonia, initially targeting local brokers before expanding.[2]
Pivotal early moments included selection for Startupbootcamp Fintech accelerator in London (establishing UK presence), launching MGA/insurer software, and securing its first MGA client that year.[2] Traction built through geographic expansion to Poland and Latvia, pre-seed (€1.3M) and seed (€2.1M from Concentric, Black Pearls, Uniqa Ventures) rounds, plus later €2.3M and €1.7M venture debt.[1][2] By 2022, Insly hit profitability at €8M run rate, acquired TubaPay for payment capabilities, and in 2024 launched AI innovations while refreshing its website.[2][5]
Insly stands out in insurtech through its comprehensive, modular platform tailored for mid-market players:
Insly rides the insurtech wave digitizing a trillion-dollar industry fragmented by legacy systems, capitalizing on AI, low-code automation, and embedded insurance trends.[1][5] Timing aligns with post-2020 acceleration in digital transformation, where MGAs and brokers seek scalable platforms amid rising premiums and regulatory demands for efficiency.[2][5]
Market forces like AI adoption (e.g., Insly's ROI report and FormFlow) and specialty risks (Bitcoin custody via Anchorwatch) favor its modular approach, enabling quick adaptation over rigid enterprise software.[1][5] Insly influences the ecosystem by consolidating tools (acquisitions, partnerships), publishing MGA trend ebooks, and empowering mid-sized players—bridging startups and incumbents in a space with competitors like Habit and INZMO.[1][2][5]
Insly is poised for accelerated expansion, leveraging 2024 momentum—AI launches, Australian entry, and €8M+ revenue—to target more global MGAs/brokers amid agentic AI and parametric insurance booms.[5] Expect further acquisitions for consolidation, deeper AI (e.g., expanding FormFlow), and penetration in high-growth niches like crypto and embedded insurance, potentially doubling revenue as profitability funds organic scaling.[2][3][5]
Shaping trends like 80% of insurers exploring AI will amplify its edge, evolving Insly from broker software pioneer to full-stack insurtech leader—echoing its origin as the first online broker, now redefining the lifecycle for a digital-first era.[2][5]
Key people at Insly.
Insly has raised $11.1M across 7 funding rounds. Most recently, it raised $1.9M Debt in November 2023.
Insly has raised $11.1M in total across 7 funding rounds.
Insly's investors include Hambro Perks, Fund Fellow Founders, Concentric, UNIQA Ventures, British Business Bank, Antler, Julian Carter, Black Pearls VC, London Co-Investment Fund, National Centre for Research and Development, 01 Ventures, 305 Ventures.
