Insurely, a Stockholm, Sweden-based open insurance platform, raised €2.5m in funding.
The round was led by Luminar Ventures.
The company intends to use the funds for recruitment and international expansion.
Launched in 2020 by Johan Forsman, Eric Sevelius, Martin Einemo and Lotta Rauséus, Insurely provides innovative APIs and solutions for Open Insurance for companies to create effective services for switching insurance contracts, as well as enabling insurance in their personal finance management apps and more.
Several major Swedish insurance players like ICA Försäkringar, and insurance challenger Hedvig are already using the platform.
Besides white labeled API solutions, Insurely also offers an end-consumer app, which is supporting almost a hundred thousand users to get information by providing an overview of existing insurance policies, terms and costs.
The company had raised €500k in pre-seed capital from angel investors to date — including Elias Jacobson, former CEO of Swedish AI company Peltarion, Emanuel Lipschütz, founder of and CTO at Netsafe, Robert Chirico Willstedt, Co-founder of the Swedish mobile game Quizduel and Mikael Karlsson, founder of MW group.
Insurely currently has operations in Sweden and Norway.