An insurance data intelligence provider in Nottingham has received a £3.4m investment led by a Manchester-based venture capital investor.
Percayso Inform has been backed by Praetura Ventures whose portfolio also includes the likes of Sorted, Peak and PixelMax.
The investment will see the firm increase product development which will enable the business to enter new sectors of the UK insurance market.
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Launched in the UK insurance market in 2019, Percayso’s hub provides insurance intelligence services and aims to add further value to powerful datasets, helping insurers to prevent fraud, compete on price comparison sites and reduce risk levels.
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.
"Their understanding and enthusiasm for all things tech, together with the additional business skills they bring, will provide the support we need to take things to the next level."
David Foreman, managing director at Praetura Ventures, added: "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. We’re so excited to welcome them into the portfolio and help them reach the next level."
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.
