Insurtech start-up Anorak has received £5m ($6.4m) in funding from Kamet Ventures.

Furthermore, Anorak funding now totals £9m after the start-up studio backed up the firm with its  investment.

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Anorak funding

The Series A funds will enable Anorak to invest in tech and data teams to develop its proprietary technology. In addition, it hopes to leverage its recommendation engine to launch a platform for intermediaries and advisers.

David Vanek, co-founder and CEO at Anorak, said: “The life insurance sector is on the verge of transformation and Anorak is leading the way. Kamet investment enables us to deliver on our vision. We are committed to using cutting-edge technology to bring life insurance sector into the digital age and make protection advice accessible to the millions unprotected in the UK.”

Guillaume Borie, AXA Chief Innovation Officer, added: “AXA believes in insurance platform businesses. The Anorak platform is transformational for the life insurance sector as it will enable carriers to create a new breed of distribution partnerships from banking to gig economy platforms whilst also reinventing the experience of existing intermediaries networks.”

Stephane Guinet, CEO of Kamet Ventures, says: “The Anorak team has been first to market with innovative proprietary technology, which really does change the game. In a short space of time, it has secured partnerships with groundbreaking fintech companies, honed the user experience of the product and been recognised as one of the lead innovators in the life insurance space by being shortlisted for numerous awards and named in the top 100 InsurTech start-ups in EMEA. We’re happy to have backed the team since the beginning and looking forward to a bright future with this company.”

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How is Anorak doing?

Launched in 2017, Anorak hopes to help the otherwise unprotected nine million families in the UK after the breadwinner dies.

Furthermore, through the platform, people have access to life insurance whilst using other everyday services. It has also already gained partnerships with fintechs such as Starling and Yolt. The UK-based app has also partnered with Runpath, the energy comparison platform, and Moneytis, the money exchange fintech.

In addition, Anorak won an award at the Life Insurance International Awards 2018. It took away the gong for Most Innovative Life / Health Insurance Firm of the Year.

See all the awards and winners here.