Meshed, the UK’s first AI-native insurance broker, today announced the successful closing of its oversubscribed pre-seed funding round of £950,000, backed by prominent UK-based venture capital funds Haatch, Aviva via Founders Factory and Exponential Science Foundation, along with notable angels. The funding will accelerate Meshed's mission to rebuild the commercial insurance brokerage model from the ground up, leveraging AI to eliminate tedious manual processes, and by targeting the administrative cost centre, Meshed can reduce its commission, enabling customers to pay less.
Rooted in Glasgow and London and founded by insurance veterans and tech entrepreneurs, Meshed tackles a pressing issue: approximately 80% of UK SMEs are significantly underinsured, largely due to outdated brokerage practices and inefficient manual operations.
Meshed's AI-powered platform introduces agents to support different elements of the broker experience, including browser use agents for quoting and voice agents for data collection, freeing human brokers from repetitive admin to focus on client relationships and high-value advice.
The pre-seed funding arrives alongside Meshed's recent regulatory authorisation by the UK's Financial Conduct Authority (FCA) as an Appointed Representative. They have secured 51 insurer agency agreements and can support a wide range of commercial insurance needs, from property and liability to professional indemnity and cyber. Early customers have already reported up to 52% in savings on their insurance.
Meshed will use the raised funds to scale its technology and expand its team of engineers, data scientists, and insurance experts, further advancing the platform's capabilities in predictive analytics, risk management, and customer experience.
