Konsileo, the commercial insurance broker and risk management adviser, today announced the completion of a £4.7 million Series A funding round. The round was led by Growth Tech VC Committed Capital, which first invested in Konsileo in 2018 and provided £3.23m for the current round. New investors include a £900,000 investment from ACF Investors, a UK venture capital fund, and angel investors.
Konsileo has developed a proprietary broking platform with built-in compliance checks, and superior policy administration that frees brokers from unnecessary repetitive tasks and facilitates exceptional risk capture and insight and cross-firm collaboration.
It was awarded Chartered status in April, in recognition of its commitment to the highest levels of professional standards and capability.
Konsileo doubled in size in 2021 and plans to use the investment to accelerate its recruitment of UK insurance brokers and further develop its technology platform.
CEO and co-founder John Warburton commented: “Konsileo’s model is based on several key principles. We believe trusted advisers are more important to clients than broking brands, that data-driven advice is highly valued, and that broker data can ultimately add more value than insurer-only data.
“Those principles led us to create our own broking system from scratch. But it’s not just our tech or our outlook that’s innovative. We run Konsileo as a workplace for the future, with an explicitly designed, modern culture that has no hierarchy but supports professional excellence and collaboration.
“Our aim is to give colleagues the tools they need to be the best and happiest professional risk advisers they can be, to give clients great information and support, and to give insurers a true and trusted partner. This investment will allow us to accelerate our growth plans, and continue to shake up the world of commercial broking.”
Konsileo plans to recruit dozens more self-directed client directors by the end of the year, bringing people on in cohorts so they’ve got an instant support network, and grouping them in virtual Hubs to facilitate collaboration.