The startup, named i23, focuses on the insurance brokerage sector. The company is developing an AI-native operating model designed to automate routine administrative tasks currently performed by insurance brokers. The UK insurance brokerage market is estimated to be worth up to £22 billion annually, though it remains highly fragmented.
The seed funding round secured £4.9 million. The investment was jointly led by Four Cities Capital, with additional participation from Outward VC, Seedcamp, and Insiders Ventures. The capital will support the company's efforts to modernize broker operations through artificial intelligence.
The founding team includes Bim Afolami, a former UK economic secretary to the treasury, and Anand Sambasivan, a co-founder of the fintech firm PrimaryBid. They are joined by former PrimaryBid COO Mike Coombes and Salman Valibeik, co-founder of the marketing startup Opriva.
