i23, a UK start-up building an AI-native insurance broker, has secured £4.9m ($5.5m) in an oversubscribed seed round, according to Sky News, which first reported the round on 28 October.
The company was co-founded by Bim Afolami, a former economic secretary to the Treasury under Rishi Sunak, and Anand Sambasivan, co-founder of PrimaryBid.
According to Sky News, investors in the round are Outward VC, Seedcamp, Insiders VC and Four Cities Capital. The amount and the investors have not been confirmed by i23 or by the investors, and no valuation was disclosed. Sambasivan’s LinkedIn post thanks the company’s investors but does not name them or give the size of the round.
According to Sky News, i23 is developing an agentic operating model designed to take routine administrative work off insurance brokers while boosting revenue generation for clients.
In a LinkedIn post on 28 October, Sambasivan said he had launched i23 with his co-founder Afolami, alongside a founding team that includes Dr. Salman Valibeik and Mike Coombes.
Anand Sambasivan, Co-founder, i23, said: “We are building an AI-native insurance broker. Sprinting fast and it feels so great.”
Sambasivan also wrote: “It’s great to see such a vibrant early stage ecosystem for UK start-ups. A lot different to ten years ago. London is very much thriving.”
Companies House records show that I23 GROUP LIMITED was incorporated on 15 September 2026, with Afolami and Sambasivan listed as directors. The company is registered as a financial services holding company.
Total funding to date has not been disclosed, and the lead investor in the round has not been confirmed.
