International legal practice Osborne Clarke has advised Cytora, a provider of AI-powered solutions for the commercial insurance industry, on its £25 million Series B funding round led by the EQT Ventures fund. Other participants include existing investors Cambridge Innovation Capital, Parkwalk and a number of angel investors. The funding will be used to accelerate expansion of Cytora’s product suite and scaling into new geographies.
Cytora was founded and spun out of the University of Cambridge in 2014 by a team of machine learning scientists, data engineers and strategists. The founding team recognised that - unlike the simplicity of consumer car insurance - applying for commercial insurance is an arduous process that can take weeks. With its non-transparent pricing and use of outdated models, commercial insurance had not been adapted to the needs of modern society.
Arvinder Mangat, General Counsel of Cytora said: "As Cytora's business offering delivers more technology for our customers it is invaluable to have the expertise of the team at Osborne Clarke to match the changes required as our investor base expands. The team excelled at matching a venture stage business to our specific commercial needs at this stage of our growth. I would like to thank all involved in the project for the dedication, speed and good humour".
Partner Mathias Loertscher, Associate Director Tom Try and Associate Josephine Healy from Osborne Clarke's Corporate team advised Cytora. In addition, Senior Associate Dan Sharman and Partner Michael Carter advised on incentives.
Osborne Clarke’s Corporate team is considered a go-to practice for many companies in the Tech, Media and Comms sector, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.