CommerzVentures invests $6mn into Concirrus
- Insurtech , Investment
- 07.07.2020 02:56 pm
Leading specialty analytics insurtech, Concirrus has today announced that CommerzVentures has made a $6 million investment into the business.
Heiko Schwender, Partner at CommerzVentures, comments: “Our passion lies in helping fintech and insurtech companies to succeed. We believe Concirrus has the best solution to manage risk in the marine insurance industry. Ultimately, it will serve insurance carriers in a variety of supply chain industries. The team combines deep industry experience and technology expertise. We believe that Concirrus is on a very exciting growth journey and we’re very much looking forward to being part of it.”
Using the latest advancements in AI and machine learning, the company has developed a behavioural-based underwriting platform called Quest which delivers highly differentiated pricing, portfolio management and predictive analytics. Its technology is now being recognised as a category leader and a must-have for the insurance value chain.
Andrew Yeoman, CEO at Concirrus says: “We are really excited to have CommerzVentures join the business. The last few months have been really busy for Concirrus as we’ve continued to sign new customers during what are clearly unprecedented times. This investment is a clear vote of confidence in our vision and the value that we’re bringing to the insurance market.”
This latest investment by CommerzVentures follows the recent announcement which saw AlbionVC lead on a $20 million Series B funding and included participation from current investors IQ Capital, Eos Venture Partners and several angel investors. With many new clients added to its customer portfolio in the last quarter alone, Concirrus continues to demonstrate and reinforce its strong credentials with some of the most respected leaders in the market.
The deal was supported by Royal Park Partners who acted as exclusive financial advisors to Concirrus and its board of directors.