Estonian insurtech Insly raises €1.1M in a bridge funding

Insurtech Insly has completed a €1.1 million bridge funding round, bringing a total of €5.8 million in investments. The existing investors Concentric, Uniqa Ventures, and the angel syndicate Fund Fellow Founders co-financed the startup, Insurance Times reports.

• Founded in 2014 by Risto Rossar, Insly provides a no-coding software platform for insurers and brokers. It helps to digitize and automate office operations, including distribution, policy administration, underwriting, claims, and reinsurance.
• The existing investors Concentric and Uniqa Ventures provided half of the funding. The angel syndicate Fund Fellow Founders contributed the other half. The team invests and collectively advises around 70 startups from the Baltics and the Nordics monthly.

“This bridge round will allow us to step up our product development, sales, and marketing, so we can bring our products to even more customers and move closer to our goal of building one of the biggest insurance platforms in the world,”

Risto Rossar, founder and CEO of Insly, comments on the funding.

• The fresh funding will allow Insly to accelerate its growth across existing operations in Poland, London, Vilnius, and Tallinn. It will also help with further product development and marketing initiative to get new customers.