Meshed Closes £950,000 Pre-Seed Funding for AI-Powered Insurance Brokerage

Meshed, which claims itself as the UK's first AI-native insurance broker, has successfully completed its pre-seed funding round, raising £950,000. The funding was backed by venture capital firms Haatch and Founders Factory, along with several industry angel investors. Meshed aims to address the prevalent issue of underinsurance among UK SMEs, criticizing existing brokerage practices for being ineffective, outdated, and overly manual. The company's AI-powered platform is designed to automate administrative tasks such as generating quotes and communicating with insurers, thereby allowing human brokers to dedicate their efforts to fostering client relationships and offering strategic advice. Co-founders Jake Wells and Mark Costello emphasize the inefficiencies in the traditional brokerage model, citing how Meshed's technology reduces reliance on paperwork, lowers brokerage costs, and accelerates processes, all while ensuring SMEs receive adequate protection. This funding round coincides with Meshed's recent regulatory authorization from the Financial Conduct Authority as an appointed representative.