Portuguese insurtech startup FRANK has secured €2.9 million in a funding round. The investment was led by Armilar and Start Ventures. The company intends to allocate the capital toward research and development, enhancing support for existing clients, and preparing for international expansion.
Founded by Antonio Castro, Ricardo Vallejo, and Alexandre Silva, the company provides an AI-powered platform for insurance brokers. The system, known as an AI Operator, functions as a virtual assistant that automates administrative tasks by interacting with various insurer portals and communication channels like email and WhatsApp.
The platform processes 70,000 back-office tasks monthly. Currently, the service is utilized by over 350 insurance agencies and 1,500 users in Portugal. According to the company, brokers using the technology save approximately ten hours of administrative work each week.
FRANK launched its commercial operations less than a year ago. The company plans to consolidate its presence in the Portuguese market before entering international territories in 2027. The primary focus remains on automating manual processes to allow brokers to dedicate more time to client advisory.
