A technology business which provides a wide range of services to the insurance industry will this week announce a major funding injection jointly led by one of the co-founders of Zilch, the leading British fintech.
Sky News understands that ManageMy, which helps insurers sell, service, underwrite and manage policies, will say it has landed $45m from investors, including $20m in a Series B funding round.
The latest injection was led by Ventura Capital, a prominent backer of successful growth-oriented tech businesses, and OCVC, the investment vehicle of Zilch co-founder Sean O’Connor.
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ManageMy’s new funds also included backing from BNF and a consortium of strategic investors associated with the insurance sector, according to insiders.
The valuation at which the funding was raised was unclear.
ManageMy, which has a presence in London, is run by co-founder and chief executive Stephen Collins.
It said the new capital would allow it to accelerate its expansion into new markets as well as strengthening its presence in North America.
The funding will also support the company’s investment in AI-driven functions, as well as product expansion.
“This funding marks a major milestone for ManageMy and validates our vision of a more intelligent, integrated, and adaptable insurance operating model,” Mr Collins said.
“From the outset, we built ManageMy as a scalable, enterprise-grade platform capable of compounding value as insurers grow and modernise.”
Mr O’Connor will continue to be focused on Zilch, a British fintech unicorn which is expected to list in the next couple of years.
“ManageMy has built something of massive strategic value to the insurance industry,” Mo El Husseiny, managing partner at Ventura Capital, said.
“Their combined application of intelligence and automation into insurers and brokers environments unlocks value at scale.
“The insurance industry has struggled to modernise its business models compared to the financial services market.
“ManageMy is at the forefront of digitally transforming the insurance sector, one of the world’s largest and most lucrative markets.”
Ventura Capital and OCVC also led the company’s Series A round roughly two years ago.