Anorak secures £5m Series A follow on funding led by Outward VC to expand its distribution network
Outward VC led the £5m round with participation from Triple Point Ventures and Kamet Ventures.
Anorak provides a fully automated digital platform that allows third party distributors to offer regulated life insurance and protection advice. The company operates an online broker model designed to integrate into everyday financial services apps.
London based insurtech Anorak has secured £5m in a Series A follow on funding round led by Outward VC. Additional backing came from Triple Point Ventures and existing backer Kamet Ventures, alongside a group of prominent angel investors.
The capital will be deployed to scale the firm network of distribution partners and further develop its automated advice technology. The platform currently integrates with services such as Starling Bank and Clearscore to embed insurance options into everyday financial management tools.
Demand for life insurance protection has increased significantly following the pandemic, with a particular rise in interest among younger demographics. Anorak aims to address this protection gap by making independent financial advice accessible to a broader audience through embedded software.
From the founder
"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."
David Vanek
CEO at Anorak
Investor perspective
"The Anorak team have 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."
Sanchit Dhote
Principal, Outward
Use of funds
- 01Expand into international markets
- 02Continue product development
