Anorak has raised £5m in its latest funding round.
The life insurance advice platform revealed this latest round was led by Outward VC, with Triple Point Ventures and existing investor Kamet Ventures also taking part.
The firm says the funds will be used to accelerate expansion of Anorak’s distribution and partners network, while continuing to invest in its advice platform.
The round was backed by a list of leading investors in European insurtech including Nic Kohler, the former CEO of Hollard, Paul Evans, chairman of Allianz, and board member of Bupa and Swiss Re Europe, Charlie Delingpole (CEO and founder of ComplyAdvantage), and Will Neale (founder of Fonix and Grabyo).
Commenting on the additional funding, Anorak CEO and co-founder David Vanek said: “Our mission is to help millions protect their financial future. We are passionate about advice, and we believe that everyone should have access to it. We can ensure that each person gets the protection that is right for them.
“The last 12 months has left many of us in a state of financial uncertainty, and many are actively searching for fair and transparent advice on insurance.”
Sanchit Dhote, investment manager at Outward VC, said: “The Anorak team has developed an innovative approach which is transforming the way in which we access life insurance.
“The protection gap is only getting wider and Anorak is already a leading player enabling the shift towards embedded insurance. We believe that Anorak has the potential to become the go-to infrastructure for everyday insurance advice.”
Stephane Guinet, CEO of Kamet Ventures, added: “I am delighted to see Anorak reach yet another important milestone as they continue to help people access the protection they need to keep themselves and their families secure.
“Since we began working with them in 2017, David and Vincent have demonstrated the passion, drive, and ingenuity that I believe are integral components of any disruptive business and I can’t wait to see where they go next.”