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CommerzVentures invests USD6 million in Concirrus

CommerzVentures has made a USD6 million investment into Concirrus, a speciality analytics insurtech company.

This latest investment by CommerzVentures follows a recent announcement which saw London-based VC firm AlbionVC lead on a USD 20 million series B funding round, which included participation from current investors IQ Capital and EOS Venture Partners, as well as several angel investors.

Royal Park Partners acted as exclusive financial advisors to Concirrus and its board of directors on the deal.

With many new clients added to its customer portfolio in the last quarter, Concirrus continues to demonstrate and reinforce its strong credentials with some of the most respected leaders in the market, the company said.

CommerzVentures portfolio includes eToro, GetSafe, Mambu and Marqeta. Heiko Schwender, partner at CommerzVentures, commented on the deal: “Our passion lies in helping fintech and insurtech companies to succeed. We believe Concirrus has the best solution to manage risk in the marine insurance industry.

Using the latest advancements in AI and machine learning, the company has developed a behavioural-based underwriting platform called Quest, which aims to deliver highly differentiated pricing, portfolio management and predictive analytics.

Schwender continued: “Ultimately, it will serve insurance carriers in a variety of supply chain industries. The team combines deep industry experience and technology expertise. We believe that Concirrus is on a very exciting growth journey and we’re very much looking forward to being part of it.”

Andrew Yeoman, CEO at Concirrus, agrees. “We are really excited to have CommerzVentures join the business”, he said. The last few months have been really busy for Concirrus as we’ve continued to sign new customers during what are clearly unprecedented times. This investment is a clear vote of confidence in our vision and the value that we’re bringing to the insurance market.”

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