Driverly secures £650k Seed Investment led by Development Bank of Wales and Angels Invest Wales
Oluwaseun Kemie
18/02/25
Driverly, an AI-powered geo-intelligence services provider for car insurance, has raised approximately £650,000 in an oversubscribed seed funding round. This investment brings Driverly’s total funding to more than £1.2 million.
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The seed round was led by Development Bank of Wales and Angels Invest Wales, with participation from high profile UK and international angel investors. Three of four existing investors, including the Development Bank of Wales, re-invested in the business in a strong vote of confidence to the team and Driverly’s mission.
Founded in 2021 by Armin Kia (CEO), Nestor Alonso (Chief Data and Underwriting Officer), and Mohammad Alinia (CTO), Driverly’s mission is to help car insurers access more data more easily. The company’s proprietary technology enables insurers to make data-driven decisions, improve risk assessment, and reduce fraudulent claims.
The investment will help Driverly scale its operations in the UK and internationally while developing its technology to achieve market excellence.
“We are delighted to have the continued support of our existing investors, as well as the new investors who share our vision for revolutionizing the car insurance industry. This funding will enable us to accelerate our growth and expand our reach, ultimately benefiting both insurers and policyholders.”Driverly CEO, Armin Kia
The Development Bank of Wales and Angels Invest Wales have played a significant role in this funding round, demonstrating their commitment to supporting innovative Welsh businesses like Driverly.
“Driverly has consistently proven their adaptability and ingenuity in an ever-evolving market. We’re glad to continue supporting their growth and look forward to seeing their technology make a significant impact on the car insurance industry.”Linzi Plant, Assistant Investment Executive at the Development Bank of Wales
Driverly plans to use the funding to grow its team, invest in research and development, and expand its customer base both in the UK and internationally.
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