Insurely, a Sweden-based open insurance platform, has reportedly secured €2.5 million through its latest investment round. According to Silicon Canals, the investment round was led by Swedish venture capital firm, Luminar Ventures.
Founded in 2005, Insurely states it is on a mission to digitize the insurance market in Sweden and beyond by providing APIs and solutions for open insurance. Speaking about the investment round, Martin Einemo, CEO and co-founder of Insurely, revealed to the media outlet:
“There is a real spike in demand for innovative API solutions tailored for the insurance industry and we’re now gearing up to scale our business and support more players within the European insurance market. With Open Insurance taking off, I expect us to grow our business by as much as five times this year alone. We´re also looking to double our team with new recruits, especially within product development and partnerships.”
“By supporting insurers and financial players to obtain quality insurance data, the company’s API products support them to personalise and streamline the customer onboarding journey, optimise pricing, as well as create more consumer-centric products overall.”
Funds from the investment round will notably be used for recruiting for the Insurely team and expanding of operations to more markets in Europe including the Netherlands.