Driverly secures £650k in seed funding led by the Development Bank of Wales and Angels Invest Wales to expand operations.
The oversubscribed seed round was led by the Development Bank of Wales and Angels Invest Wales.
Driverly is a Cardiff-based insurtech company providing geo-intelligence services for car insurers. Its proprietary technology uses artificial intelligence to improve risk assessment and reduce fraudulent claims.
Driverly has secured £650k in an oversubscribed seed funding round led by the Development Bank of Wales and Angels Invest Wales, alongside participation from several angel investors. The latest injection lifts the total capital raised by the insurtech firm to more than £1.2m.
Established in 2021, the Cardiff-based company plans to direct the proceeds towards team expansion, research and development, and scaling its operations across the UK and international markets.
From the founder
"We are delighted to have the continued support of our existing investors, as well as the new investors who share our vision for revolutionizing the car insurance industry. This funding will enable us to accelerate our growth and expand our reach, ultimately benefiting both insurers and policyholders."
Armin Kia
CEO at Driverly
Investor perspective
"Driverly has consistently proven their adaptability and ingenuity in an ever-evolving market. We’re glad to continue supporting their growth and look forward to seeing their technology make a significant impact on the car insurance industry."
Linzi Plant
Assistant Investment Executive, Development Bank of Wales
Use of funds
- 01Grow the team
- 02Fund research and development
- 03Expand into international markets
- 04Scale operations
