London-based commercial insurance broker Konsileo has announced the completion of a £4.7 million Series A funding round.

The UK InsurTech business has a proprietary broking platform that includes compliance checks and policy administration.

The British company doubled in size last year and plans to use the funding to speed up its recruitment of UK insurance brokers, as well as further develop its technology.

The round was led by Growth Tech VC Committed Capital, which first invested in Konsileo in 2018, and which provided £3.23m of the current funding round.

New investors include a £900,000 investment from ACF Investors, a UK venture capital fund and angel investors.

“Our aim is to give our team 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,” said chief executive and co-founder of Konsileo. “This investment will allow us to accelerate our growth plans, and continue to shake up the world of commercial broking.”

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