A technology business which provides adaptable app solutions to major car insurance companies has completed a six-figure round, supported by the Development Bank of Wales, Angels Invest Wales and high-profile Welsh investors.
Driverly started life as a technology platform making it easier for young drivers to access car insurance, using data gathered on individual drivers to help bring down their insurance contributions. The business has since switched to a B2B model, providing its customisable platform to a number of insurers, who can use Driverly as a basis for their own apps to gather and provide data on drivers. Driverly’s system can be quickly updated and changed by their clients, allowing insurance providers to customise their apps in line with customer demands.
The Development Bank, investing from the Wales Tech Seed Fund and the Wales Flexible Investment Fund, was joined by a syndicate led by veteran investor and Rebel Syndicate founder Simon Bell, along with long-term business dealmaker and Women Angels of Wales member Annie Finlayson; UK Business Angel of the Year Peter Saunders OBE and entrepreneur Darryl Morton. Investment by the syndicate was matched by the Wales Angel Co-Fund.
The group was also joined by other angels with professional backgrounds in finance and tech, former serial entrepreneurs and Mr Kia’s fellow graduates of Manchester University’s MBA programme.
The recent investment will allow Driverly to grow its customer base in the coming year, providing its app to even more businesses, and develop its proprietary technology
Armin Kia, CEO of Driverly, said: “We’re delighted with the level of support we’ve received from Angels Invest Wales and the co-investment syndicate led by Simon. Having angels like Simon, Annie, Peter and Darryl come on board gives us access to a huge pool of business experience from veteran entrepreneurs who have started, supported and exited a number of businesses across Wales, and we’re hugely looking forward to the things we’ll be able to accomplish together.
“We’ve always been keen to keep a fine balance between keeping a focus on our core business, while also being prepared to react to the demands of the market. That’s an important task for any leadership team. The Development Bank of Wales and our new investors can see the wider market and help us with that.”
Simon Bell, lead investor, said: “We have a lot of strong experience in this syndicate, and we’re really excited to put that mix of expertise to good use at Driverly. Their team is made up of experts, but they’re also humble and ready to make changes when they need to.
“And we were all very impressed by Driverly’s recent pivot from a B2C business to a B2B model, leveraging their existing work and insights in a different way. Their model allows insurance businesses to tweak and refine their app without having to embed it in a large ICT department, meaning they can rapidly adapt it to meet customer needs.”
This is the second round of investment the business has received from the Development Bank of Wales, following the investment of £250,000 in equity during a pre-seed investment round in 2022, joined by Manuel Santiago and Duncan Russell, former CFO at Admiral Financial Services.
Linzi Plant, Assistant Investment Executive at the Development Bank of Wales, said: “Driverly have consistently proven their adaptability and ingenuity in an ever-evolving market, and we’re glad our support has been able to leverage co-investment from some very high-profile Angel investors, who will add their talents and experience to Driverly’s core team.”
The Wales Tech Seed Fund II is open to Welsh tech businesses, and businesses willing to relocate to Wales, with equity investment from £50,000 to £350,000 available. For more information, visit www.developmentbank.wales
