Percayso Inform Raises £2.7M Fund to Expand Insurance Data Intelligence
On 27 July 2023, insurance data intelligence provider Percayso Inform announced a £2.7M fundraise led by industry veteran Neil Utley and its existing venture capital investor Praetura Ventures. This marks the company's second major investment and will contribute to its continued growth in the UK insurance market. Over the past three years, Percayso has formed partnerships with numerous insurers, brokers, and MGAs, offering smart solutions that turn insurance data into intelligence and insights. Its client base, which includes Ageas, Covea, Direct Line, and The AA, has grown to 65-strong. The recent investment will enable Percayso to enhance its quote intelligence suite and expand its presence in the UK motor insurance market.
Rich Tomlinson, Managing Director at Percayso, expressed his delight at Neil Utley joining as an investor, citing his wealth of experience in the industry, particularly in the motor insurance market.
Praetura Ventures' continued support was also acknowledged, with special recognition given to Guy Weaver for his role in the Cazana acquisition. Moving forward, Percayso Inform aims to help insurance providers maximize the value of available data to improve their business operations, making the combined expertise of Neil Utley and Praetura Ventures invaluable for its growth plans.
Neil Utley, former chairman at Hastings and Privilege Insurance, stated that Percayso is one of the most exciting businesses to emerge in the insurance industry in recent years. He believes that UK insurance providers have been in need of a flexible, scalable, and easy-to-integrate data intelligence solution, and Percayso fulfills that demand. Praetura Ventures' Managing Director, David Foreman, expressed his excitement for the future of the partnership, praising Percayso's progress and the support they provide beyond financial backing. Peel Hunt and Knights advised Percayso on the fundraise, while Irwin Mitchell supported Praetura Ventures.
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