i23, an AI-driven insurance broking start-up founded by ex-City minister Bim Afolami, secures $5.5m in seed funding led by Outward VC, Seedcamp, and Insiders VC.
Amount Raised
$5.5 Million
Round Type
Seed
United KingdomArtificial IntelligenceInsurtechInsuranceInvestors
Description
i23, an AI-driven start-up founded by former economic secretary to the Treasury Bim Afolami and PrimaryBid co-founder Anand Sambasivan, has raised $5.5m in an oversubscribed seed round. The funding was led by UK-based venture capital firms Outward VC, Seedcamp, Insiders VC, and Four Cities Capital. The company is developing an agentic operating model to handle routine administrative work for insurance brokers while boosting revenue generation. i23 plans to acquire an existing insurance broker in the coming months.
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