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Browne Jacobson advises Insurtech VC Eos on investment in Concirrus

28 September 2018

The Browne Jacobson corporate technology team has advised Eos Venture Partners on its investment in London-based InsurTech startup Concirrus.

Eos Venture Partners is a global independent Strategic Venture Capital Fund focused exclusively on InsurTech, investing in early and growth stage technology businesses that accelerate innovation and transformation across the insurance industry and value chain. Eos co-invested alongside deeptech investor IQ Capital in a £5m round, taking Concirrus’ total amount raised to date to £12m.

Concirrus has created an artificially intelligent insurance software platform used and trusted by insurers, reinsurers and brokers within the London and global markets. With machine learning analytics and vast industry datasets, Concirrus enables marine and motor insurers to actively manage their risks in real time and insights that are otherwise impossible to achieve. As a result, insurers are able to offer improved products and risk pricing that reflects the needs of their customers. Earlier this year Concirrus signed a global deal with Big Four accountancy firm EY pushing Concirrus’ disruptive machine learning tech into the marine insurance market.

The Browne Jacobson deal team was led by London corporate technology partner Jon Snade, assisted by financial services specialist David Henderson.

Jonathan Kalman, Founding Partner at Eos said:

“Technologies such as AI, IoT and blockchain are transforming the insurance sector globally and our latest investment in Concirrus demonstrates that we want to be at the heart of this revolution.

“They have a compelling solution that can drive operational and cost efficiencies for incumbents and we are looking forward to helping the business realise its potential.

“Browne Jacobson was the logical choice to advise us on this deal with their first rate funding support experience, impressive sector expertise and commitment to deliver exceptional client service.”

Commenting on the deal, Jon Snade said: “We are seeing a very strong appetite from investors in the InsurTech space making it easier for both early and growth stage insurance technology businesses to secure growth capital.

“We are delighted to have advised Eos Venture Partners on this transaction, which underscores Browne Jacobson’s growing reputation for venture capital work generally and for deals in the InsurTech sector.

“It was a pleasure to have assisted on this transaction and we wish all of the parties every success.”

The deal is the latest of a number of InsurTech transactions completed by the Browne Jacobson corporate technology team in 2018, which include advising:

  • British Insurance Award 2018 winner Digital Risks, on its £2.25 million investment round. The round was led by Concentric, with participation from Atami Capital, Seedcamp, London Co-Investment Fund and Beazley;
  • Crowd insurance pioneer Laka on its £1.1 million seed round led by Tune Protect Group Berhad (Tune Protect), a financial holding company listed on the Malaysian Stock Exchange, with participation from Silicon Valley-based venture capital firm 500 Startups and new and existing angel investors from across the insurance industry;
  • Digital Fineprint (a platform enabling insurers to use social media data to improve their customer targeting, conversion, cross-selling and retention) on its USD$2.7 million investment round led by Pentech; and
  • Dinghy, an on-demand insurance solution for freelance professionals, on its USD$1.2 million seed funding deal which was led by venture capital firm Balderton Capital, with participation from industry angel investors and insurance investment company ReSolution.

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