Insurtech Disruptor Percayso Inform Is Ready For Expansion After A £ 3.4m Fundraiser Led By Praetura Ventures
- Percayso Inform will use investment to drive product development, access new sectors of the UK insurance market and better equip fraud and risk insurers
- Percayso was born from an idea of insurance industry heavyweight Simon James, who in the past had success in growing and selling a successful insurance business before turning his attention to Percayso and new opportunities in the insurtech space
Insurance data information provider Percayso Inform (Percayso) has announced a major £ 3.4 million investment led by Manchester-based venture capital investor Praetura Ventures.
Launched in the UK insurance market in 2019, Percayso’s data and intelligence hub provides next generation insurance intelligence services and adds further value to powerful data sets, helping insurers prevent fraud, compete on comparison sites prices and reduce risk levels.
Percayso also enables insurers, brokers and other general agents specializing in management with underwriting authority in personal and commercial lines to better use, optimize and analyze their data, assessments and intelligence strategies.
Based on a SaaS model, the technology works by aggregating data from multiple sources and making it accessible via an API, allowing insurance providers to more easily establish key information.
Percayso’s founding team has now grown to 22 people with extensive industry experience. So far, the team has focused on building the platform, sourcing data partners, and building key software house integrations to prepare the business for scalability.
Praetura Ventures’ guaranteed investment will see Percayso’s product development accelerate, enabling the company to enter new sectors of the UK insurance market.
Praetura’s investment in Percayso follows record growth for the insurtech space, after funding across the industry exceeded $ 15.8 billion in 2021, according to the latest figures from CB Insights and Gallagher. This was more than double the total amount raised in 2020, with the fourth quarter of 2021 turning out to be the highest quarter on record for global insurtech funding.
“This investment and our new partnership with Praetura Ventures are a strong endorsement of our vision, strategy and solutions we are offering to the insurance industry,” said Percayso CEO Richard Tomlinson. “Percayso’s team has achieved a lot in a short space of time, but we have ambitious plans and their support will allow us to accelerate our roadmap.
“However, this agreement represents more than just financing. What really attracted us about Praetura Ventures was their approach to giving more than money to the businesses they invest in. Their understanding and enthusiasm for everything related to technology, coupled with the additional business skills they bring, will provide the support we need to take things to the next level. “
David Foreman, chief executive of Praetura Ventures, said:
“The investment team has an incredibly thorough due diligence process and we have been so impressed with how positively the clients of Percayso have spoken about it. The team has created a valuable tool that can clearly help insurance providers get more out of their data and create real advantage. We are so excited to welcome them into the portfolio and help them get to the next level. “
The deal with Percayso was facilitated by Guy Weaver (director) and Sim Singh-Landa (investment manager) of Praetura Ventures and advised by Irwin Mitchell’s legal team.
For more information or to arrange a chat with Richard Tomlinson, contact Lesley Bennett at LMR Communications at +44 (0) 7815 778038 or email [email protected]
About Percayso Informa
Percayso Inform’s insurance intelligence goes beyond traditional data enrichment, providing unique, real-time solutions at all stages of the insurance lifecycle and provides unparalleled insight into insurance customers, risk and fraud. Learn more about percayso-inform.com And LinkedIn
Information on Praetura Ventures
Praetura Ventures is a Manchester based venture capital firm investing in early stage and high growth businesses across the UK, with a focus on supporting entrepreneurs in the north of England.
Praetura Ventures is committed to adding value after investment and providing the “more than money” support that companies need to grow, including additional skills, resources, networks and guidance, to investee companies.
Since 2019, Praetura Ventures has invested over £ 20 million in 21 companies, including Northwest-based Sorted, Culture Shift, LCC and Peak.
The company has also launched a Venture Partner Program, an innovative and collaborative program aimed at experienced, connected and successful individuals who want to add value and potentially provide mentoring, consulting, introductions and investments to the next generation of entrepreneurs. In just a few months, the company has expanded its Venture Partner base to over 50 members, typically C-suite level individuals.
Percayso Inform Secures £ 3.4m Investment Led by Praetura Ventures – UK Technology Investment News
Source link Percayso Inform Secures £ 3.4m Investment Led by Praetura Ventures – UK Technology Investment News