Digital insurance broker Mylo has raised $28 million in a Series A funding round led by Guggenheim Partners.

Guggenheim's long-term investment will help accelerate the startup’s current business strategy, according to a statement.

David Embry, Mylo’s chief executive, commented: "Guggenheim's investment will allow us to take Mylo to the next level through new strategic partnerships and innovative product and service offerings that help us reach more customers and offer smarter coverage.”

Mylo was launched by Lockton Companies in 2015 to provide a quick, convenient way for small businesses and individuals to get advice, compare and purchase insurance products online, or consult with licensed agents.

Using artificial intelligence and customer insights, Mylo offers a broad set of insurance products via an improved shopping experience, customising solutions to any stage of business or life.

"The combination of Mylo's technological capabilities, its unique distribution strategy and Lockton's legacy of excellence in insurance distribution, led us to make this investment in Mylo," said Micky Hervitz, a director at Guggenheim Partners.

Lockton Companies will continue as Mylo's majority investor. "This outside investment validates Mylo's business strategy and will help support its success in disrupting the insurance marketplace," added David Lockton, chairman of Lockton Companies.

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