£3.4m investment will enable fledgling insurtech firm to achieve scale
Manchester venture capital investor, Praetura Ventures, has led a £3.4m investment into Nottingham insurance data intelligence provider, Percayso Inform.
Percayso provides next generation insurance intelligence services with the aim of helping insurers to prevent fraud, compete on price comparison sites, and reduce risk levels.
Launched in 2019, the company is built on a SaaS (software as a service) model.
Percayso has now expanded to employ 22 people with a huge amount of previous industry experience.
Until now the team has worked on building the platform and partners with the aim of getting the business ready for further growth, boosted by the investment, which will enable Percayso to enter new sectors of the UK insurance market.
The insurtech sector has seen record growth, bolstered by funding of more than £11.7bn during 2021, which was more than double the total raised the previous year.
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 their backing will allow us to accelerate our roadmap.
“However, this deal represents more than just funding. What really attracted us to Praetura Ventures was their approach to giving more than money to the businesses they invest in.”
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. The team has built a valuable tool that can clearly help insurance providers to get more from their data and create a real advantage.”
The Percayso deal was facilitated by Praetura Ventures’ Guy Weaver (director) and Sim Singh-Landa (investment manager) and advised by the legal team at Irwin Mitchell.
