Cytora has raised £25 million in a Series B funding round led by EQT Ventures to enhance its AI-powered solutions for commercial insurance underwriting.
Information on the Target
Cytora, a portfolio company that has developed an innovative AI-driven solution for commercial insurance underwriting, successfully raised £25 million during its Series B funding round. This round was led by EQT Ventures, with participation from several other investors, including Parkwalk and Cambridge Innovation Capital. Founded in 2014 as a spin-out from the University of Cambridge, Cytora launched its first product in late 2016 and has aimed to revolutionize the commercial insurance sector.
The company’s approach leverages both public and proprietary data sources, such as property construction details, company financial information, and local weather conditions, alongside internal risk data from insurance companies. Cytora's CEO, Richard Hartley, highlights the current state of commercial insurance underwriting as being marred by inaccuracies and inefficiencies, making it an ideal target for disruption through technology.
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Industry Overview in the Target’s Specific Country
The insurance industry in the United Kingdom is characterized by its size and significance in the global market, with a gross written premium exceeding £300 billion annually. However, commercial insurance underwriting remains a labor-intensive proc
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Disclosed details
Transaction Size: $31M