Anorak Technologies Secures $5M in Series A Funding

Anorak Technologies Limited which is a London, UK based life Insurance advise platform has now raised £5 Million in the funding round of Series A. The investment was made by the Kamet Ventures, which brings the total amount secured to date by the company to £9m. The company has plans to use the funds to expand its technology and data teams to continue to develop its latest technology and to launch a platform for the advisors.

The startup which is founded by the David Vanek and Vincent Durnez in 2017. Anorak is building an automated file insurance advice platform and API’s which will be going to be integrated by the distribution partners. The company solutions are supported and powered by the data science and machine learning to give people access to simple service which is based on their unique circumstances about their life and their risks. It has already secured a successful partnership with the ING Bank and Starling Bank.

David Vanek, co-founder, and CEO at Anorak comments: “The life insurance sector is on the verge of transformation and Anorak is leading the way. Kamet investment enables us to deliver on our vision. We are committed to using cutting-edge technology to bring the life insurance sector into the digital age and make protection advice accessible to the millions unprotected in the UK.”

Guillaume Borie, AXA Chief Innovation Officer: “AXA believes in insurance platform businesses. The Anorak platform is transformational for the life insurance sector as it will enable carriers to create a new breed of distribution partnerships from banking to gig economy platforms whilst also reinventing the experience of existing intermediaries networks.”

Stephane Guinet, CEO of Kamet Ventures, says: “The Anorak team has been first to market with innovative proprietary technology, which really does change the game. In a short space of time, it has secured partnerships with groundbreaking fintech companies, honed the user experience of the product and been recognized as one of the lead innovators in the life insurance space by being shortlisted for numerous awards and named in the top 100 InsurTech startups in EMEA. We’re happy to have backed the team since the beginning and looking forward to a bright future with this company.”