Bim Afolami, a former UK economic secretary to the Treasury, launched AI insurance broker i23 with PrimaryBid co-founder Anand Sambasivan. The startup raised £4.9 million ($5.5 million) in Seed funding. It builds technology that handles routine administrative work for insurance brokers.
Round investors
The Seed round was oversubscribed. Investors include Four Cities Capital, Outward VC, Seedcamp, and Insiders VC. Four Cities Capital co-led the round.
Founding team
Anand Sambasivan is i23's chief executive, and Bim Afolami serves as president. Sambasivan co-founded PrimaryBid, while Afolami served as economic secretary to the Treasury under Rishi Sunak. Former PrimaryBid COO Mike Coombes and Opriva co-founder Salman Valibeik are also part of the founding team.
What i23 builds
i23 is developing an agentic operating model for insurance brokerages. The system takes routine administrative work off brokers and is designed to increase revenue generated for clients. The company has not disclosed customers or revenue.
i23 is expected to buy an existing insurance broker in the coming months. That purchase would give the startup a base to deploy its technology. Specific spending plans were not detailed.