Welsh Fintech Driverly Secures Six-Figure Investment from Angels and Development Bank

A Welsh technology business providing adaptable app solutions to major car insurers has secured a six-figure investment round, backed by the Development Bank of Wales, Angels Invest Wales, and a syndicate of high-profile investors.

Scaling Innovation in the Insurance Sector

Driverly, originally launched to help young drivers access insurance through data-driven insights, has successfully pivoted to a B2B model. Now, it provides a customisable platform that allows insurers to develop and modify their own apps, ensuring rapid adaptability to market demands.

With insurtech rapidly evolving, Driverly’s platform enables insurers to tweak and refine their digital offerings without embedding them within large ICT departments, ensuring greater flexibility and cost-effectiveness.

Investor Support & Strategic Backing

The latest investment round was led by a syndicate of experienced angel investors, including:

• The Development Bank of Wales, investing via the Wales Tech Seed Fund and Wales Flexible Investment Fund
• Simon Bell, investor and founder of Rebel Syndicate
• Annie Finlayson, long-term business dealmaker and member of Women Angels of Wales
• Peter Saunders OBE and Darryl Morton, serial investors
• The Wales Angel Co-Fund, matching the syndicate’s investment
• Additional angels with finance, tech, and entrepreneurial backgrounds

The investment will allow Driverly to expand its customer base, further develop its proprietary technology, and strengthen its position in the UK insurtech market.

Driving Growth with Strategic Expertise

Armin Kia, CEO of Driverly, highlighted the value of this investment:

“We’re delighted with the level of support we’ve received from Angels Invest Wales and the co-investment syndicate led by Simon. Having investors 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. We’re hugely looking forward to what we’ll accomplish together.”

Simon Bell, lead investor, praised Driverly’s strategic direction:

“We have a lot of strong experience in this syndicate, and we’re excited to put that to good use at Driverly. Their team is made up of experts, but they’re also humble and ready to adapt when needed. Their pivot from a B2C to a B2B model was impressive, leveraging their existing technology to provide real value to insurance providers.”

This is the second round of investment Driverly has secured from the Development Bank of Wales, following a £250,000 pre-seed round in 2022.

Linzi Plant, Assistant Investment Executive at the Development Bank of Wales, added:

“Driverly have consistently proven their adaptability and ingenuity in an ever-evolving market. We’re glad our support has helped secure co-investment from high-profile angels who will add their experience and insight to Driverly’s growth journey.”

Further Investment Opportunities

The Wales Tech Seed Fund II remains open for Welsh tech businesses and companies willing to relocate to Wales, offering equity investment between £50,000 and £350,000.

For more information, visit 👉 www.developmentbank.wales

Pictured: Tom Preene (Angels Invest Wales), Armin Kia (Driverly), Linzi Plant (Development Bank of Wales), Simon Bell (Lead Investor)