Driverly Raises £650K to Enhance Car Insurance Solutions
Revolutionizing Car Insurance: Driverly Secures £650K in Seed Funding!
In a landmark achievement for the insurtech landscape, Cardiff-based Driverly has successfully closed an oversubscribed seed funding round, amassing approximately £650,000 to further propel its AI-powered geo-intelligence services for car insurance. This latest funding elevates Driverly’s total investments to over £1.2 million, signaling a robust confidence from both new and existing investors in the company’s transformative vision. With the round helmed by the Development Bank of Wales and Angels Invest Wales, participation from esteemed UK and international angel investors adds significant weight to its credibility and potential for growth.
Founded in 2021 by a dynamic trio—Armin Kia as CEO, Nestor Alonso as Chief Data and Underwriting Officer, and Mohammad Alinia as CTO—Driverly aims to simplify data access for car insurers.
Its proprietary technology enhances decision-making, risk assessment, and fraud prevention, paving the way for a more intelligent insurance experience. As the company seeks to scale its operations both in the UK and internationally, the recent funding enables Driverly to invest significantly in research and development while expanding its market reach and improving service offerings.
“We are delighted to have the continued support of our existing investors, as well as the new investors who share our vision for revolutionizing the car insurance industry,” says Driverly CEO, Armin Kia. This investment is not just a financial boost; it's a testament to the commitment of the Development Bank of Wales and Angels Invest Wales to nurturing innovative Welsh startups like Driverly. According to Linzi Plant, Assistant Investment Executive at the Development Bank of Wales, “Driverly has consistently proven their adaptability and ingenuity in an ever-evolving market.” With plans in place to grow its workforce and expand its footprint, Driverly is poised to make a significant impact—both for insurers and policyholders alike.
Key Terms Explained
- Seed Funding
- This is an early investment meant to support the business until it can generate cash on its own or until it is ready for further investments.
- AI-powered geo-intelligence services
- This refers to the use of artificial intelligence in analysing geographic information and data to aid decisions, in this case, for car insurance.
- New and existing investors
- Refers to individuals or companies investing in a startup for the first time (new) or those who have invested before and are investing again (existing).
Frequently Asked Questions
- How much seed funding did Driverly secure?-Driverly secured approximately £650,000 in seed funding.
- What does the recent investment enable Driverly to do?+
- Who are the founders of Driverly?+
- What is Driverly's total investment to date?+
- Who led the funding round for Driverly?+
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