Former UK minister Afolami co-founds AI insurance startup i23
The venture has reportedly raised £4.9 million in seed funding, with investors including Four Cities Capital, Outward VC, Seedcamp and Insiders Ventures.
Bim Afolami, a former UK minister, has co-founded insurance startup i23, which has reportedly raised £4.9 million in seed financing. Co-founder Anand Sambasivan confirmed the launch and said the team was building an AI-native insurance broker.
The venture is reportedly developing an AI operating model to take on routine administrative tasks performed by insurance brokers. It is entering a fragmented UK brokerage market worth up to £22 billion annually, according to market data.
Four Cities Capital was reportedly a co-leader of the funding round. Other investors included Outward VC, Seedcamp and Insiders Ventures.
Afolami held the post of UK economic secretary to the treasury from 2023 to 2024 under Rishi Sunak. Sambasivan co-founded PrimaryBid, a UK fintech providing retail investors with access to capital raises by public companies. The i23 founding team also includes Mike Coombes, previously PrimaryBid’s chief operating officer, and Salman Valibeik, co-founder of marketing startup Opriva.
