London insurtech Ancep has raised $8.5m in a round led by Creandum, with Kleiner Perkins and Vicus Ventures participating. The company was founded this year and says one broker customer lifted revenue by 10% in the six weeks after deployment.
Ancep builds AI agents that help commercial insurance brokers place smaller risks they would otherwise turn away. Small policies often take as much administrative work as large ones while earning far lower commissions, and falling insurance rates have squeezed broker economics further.
The company was founded in 2026 by chief executive Gagan Khurana and Jake Turner, who met at Oxford. Khurana came to Britain from Kabul as a refugee in 2001, worked on his father's stall at Shepherd's Bush Market and later joined McKinsey, where insurance projects introduced him to the problem.
Turner was the first engineer at Oxford quantum start-up QuantrolOx. The pair previously ran sales and engineering at Scope AI, where revenue grew from almost nothing to $2m in under a year before it raised a $20m Series A led by Index Ventures.
Creandum led the $8.5m round, with Kleiner Perkins and Vicus Ventures joining. Angel investors include former Aon chief financial officer Christa Davies and operators from OpenAI, Anthropic and Google DeepMind. Ancep did not specify the stage of the round, and the valuation was not disclosed.
The money will fund growth and hiring. The round gives Kleiner Perkins, the Silicon Valley firm, a place on the cap table of a London company that is less than a year old.
Ancep's agents process client submissions, prepare broking documents and approach insurers for terms by email, online portals or APIs. They run inside brokers' existing policy administration, electronic trading and customer relationship management systems.
Brokers keep responsibility for binding cover, and broking teams review the agents' output before anything takes effect. Client data sits in isolated environments and is not shared or used for training across brokerages without consent. Pricing is linked to the value the agents generate for brokers.
The product is live with brokers in Austria, the UK and the US. Customers include Austrian credit insurance broker ACIC Financial Advisory, a top-10 UK broker and the specialty lines of a large US broker. At one customer, a divisional chief operating officer reported the 10% revenue increase.
"What we sell is net new revenue," Khurana said, arguing that brokers retain strong leverage and that Ancep is building for them rather than around them. The company is starting with the 20 largest brokers in the world.
Simon Schmincke, partner at Creandum, said most AI in the market works against intermediaries, adding: "Ancep is the first company we have seen that makes it more valuable instead." Mamoon Hamid, partner at Kleiner Perkins, said the firm was backing Ancep to widen the range of business brokers can serve profitably.
Original source: Tech.eu — https://tech.eu/2026/11/10/creandum-leads-85m-funding-for-ancep-to-turn-overlooked-insurance-risks-into-revenue/
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