Rarrigini & Rosso (R&R), the insurance scheme company behind broker system 24 7, has received £5.5m to fund the second round of the system's development. It has also made two major additions to its management structure.

The capital funding, which takes R&R's value to £20m, was led by venture capital company ISIS Capital, part of asset manager Friends Ivory & Sime.

R&R's original investor, Granville Baird, which supplied all of the £4m first round funding, supplied £2m of the second round funding.

ISIS Capital has also introduced of Paul Lindsey and David Chislett as chairman and non-executive director, respectively of R&R.