London-based insurtech startup i23 has raised £4.9 million in an oversubscribed seed funding round to develop an AI-native commercial insurance broking business.
The financing was jointly led by Four Cities Capital and other investors, with participation from Outward VC, Seedcamp and Insiders Ventures. The funding was first reported by Sky News on October 28, 2026.
i23 was co-founded by Anand Sambasivan, co-founder of retail investment platform PrimaryBid, and Bim Afolami, a former UK economic secretary to the Treasury. Sambasivan serves as CEO, while Afolami is president. The founding team also includes Mike Coombes, formerly chief operating officer at PrimaryBid, and Salman Valibeik, co-founder of Opriva.
The company is developing an AI-based operating model for commercial insurance brokers. Its technology is designed to automate routine administrative processes, including information handling, data ingestion and insurance policy documentation, allowing brokers to devote more time to customer relationships and advisory activities.
i23 intends to use the financing to advance its agentic AI software and support a strategy of acquiring existing insurance brokerages. The company plans to introduce its automated workflows into acquired businesses, integrating software agents with traditional insurance broking operations.
The proposed approach combines technology development with direct participation in insurance broking, rather than relying exclusively on software sales to existing intermediaries. i23 aims to reduce administrative workloads and enable insurance businesses to expand without proportionate increases in back-office staffing.
The company is targeting the commercial insurance market, where brokers manage client relationships, policy administration and transactions between businesses and insurers. Its planned AI systems are intended to support human brokers by handling repetitive operational tasks.
