’We believe that Percayso Inform will play a key role in helping insurance providers of all shapes and sizes,’ says managing director
Percayso Inform has secured a £2.7m investment in a fundraising round, a statement released today (27 July 2023) has revealed.
The Insurtech 50 firm’s fundraise was led by former Hastings chairman Neil Utley and venture capital investor Praetura Ventures.
Percayso said this was the “second major investment” it had received after securing £3.4m in a fundraising round in March 2022.
Rich Tomlinson, managing director at Percayso, said: “As we look ahead, we believe that Percayso Inform will play a key role in helping insurance providers of all shapes and sizes to get more out of the wealth of data available to enable them to write better business.
“The combined skills and experience that Neil and Praetura Ventures bring to our business will undoubtedly help us to accelerate our growth plans.”
Invaluable experience
Percayso launched in the UK insurance market three years ago and has since secured a 65-strong client base that includes Ageas, Covea, Direct Line, Markerstudy, Somerset Bridge and The AA.
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After receiving investment in 2022, the insurance data intelligence provider extended its proposition to deliver a full quote intelligence suite.
It also acquired Cazana – now branded Percayso Vehicle Intelligence – as part of plans to increase its footprint across the UK motor insurance market.
Tomlinson said Utley’s motor insurance market experience “will be invaluable” as it looks to grow Percayso Vehicle Intelligence.
Utley was chairman at Hastings, where he led the management buyout from Insurance Australia Group in 2009.
He also led the insurer through its initial public offering in 2015.
“We’re delighted to welcome Utley as an investor, Tomlinson said.
“He has a breadth of experience and knowledge to share from his 30 plus years of working in our industry at the highest level.
“In particular, his expertise in the motor insurance market will be invaluable in helping us to achieve our ambitions for Percayso Vehicle Intelligence.
“We’re (also) hugely proud that Praetura Ventures are continuing to support us. We’ve forged a fantastic relationship and in particular, I’d like to offer special thanks to Guy Weaver from their team, who played a critical role in the Cazana acquisition.”
’Incredibly impressed’
Prior to Hastings, Utley held chief executive roles with Privilege Insurance and Cox Insurance Group.
Speaking about his decision to invest in Percayso, he said: “Tomlinson and his team are building one of the most exciting businesses to have emerged in our industry in many years.
“UK insurance providers have been crying out for a flexible, scalable and easy to integrate data intelligence solution.
“I’m incredibly impressed with all that Percayso has achieved so far and look forward to helping the team take the business to the next level.”
David Foreman, managing director at Praetura Ventures, added: “Our relationship with Percayso has gone from strength to strength over the past 16 months and our team have been impressed with the progress that Percayso has made in such a short space of time.
“We will be continuing with our More Than Money support and couldn’t be more excited about the road ahead.”
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