Brolly, a London, UK-based insurtech startup building an AI-powered smartphone app, closed a €1.1m seed funding round.
Backers included Valar Ventures, Pi Labs, Entrepreneur First, Richard Fearn, Matt Bellamy, Christian Angermayer, Tim Levene, Tim Hugh, Alan Morgan, Bruce Macfarlane, Michael Mire and Christian Woolfenden.
The company intends to use the funds to further product development, hire new people and add partners to the platform.
Founded by Phoebe Hugh and Mykhailo Loginov, Brolly is advancing a free personal insurance concierge, powered by AI, and available through a mobile app, to enable people to understand, manage and buy the insurance they need, using the Brolly Advisor, Brolly Locker and Brolly Shop.
Brolly Advisor is a tool that gets to understand insurance needs, and tells users if they are over or under-insured, whether they have duplicate or missing cover, and highlights all of the personal insurance products that they may be missing.
Brolly Locker is a place to store policy documents, renewal dates, premiums, and contact numbers.
The Brolly Shop is launching in 2017 and will enable users to purchase insurance cover in seconds.