The funding will be used to help the insurtech enter new sectors of the UK insurance market and ’take things to the next level’

Data intelligence insurtech Percayso Inform (Percayso) has completed a £3.4m investment round to support its expansion plans.

The fundraise, which was led by Manchester-based venture capital investor Praetura Ventures, will help Percayso to build momentum and pace around its product development, so that the business can enter new sectors of the UK insurance market.

Percayso managing director Richard Tomlinson said: “This investment and our new partnership with Praetura Ventures is a powerful endorsement of our vision, our strategy and the solutions we are delivering to the insurance industry.

“The team at Percayso has achieved an awful lot in a short space of time, but we have ambitious plans and [Praetura Ventures’] backing will allow us to accelerate our road map.

“However, this deal represents more than just funding. What really attracted us to Praetura Ventures was [its] approach to giving more than money to the businesses [it invests] in.

”[Its] understanding and enthusiasm for all things tech, together with the additional business skills [it brings], will provide the support we need to take things to the next level.”

The scaleup’s team, which now has 22 staff members, have previously focused on building Percayso’s platform, sourcing data partners and creating key software house integrations.

Creating a real advantage

The deal was made by Praetura Ventures’ director Guy Weaver and its investment manager Sim Singh-Landa. Advice was provided by law firm Irwin Mitchell.

David Foreman, managing director at Praetura Ventures, said: “The investment team has an incredibly thorough due diligence process and we were so impressed with how highly Percayso’s clients spoke of them.

“[Its] team has built a valuable tool that can clearly help insurance providers to get more from their data and create a real advantage. We’re so excited to welcome them into the portfolio and help them reach the next level.”

Percayso initially launched in the UK insurance market in 2019. It aims to provide insurance intelligence services to insurers, brokers and MGAs in both personal and commercial lines using its data and intelligence hub.