London-based insurance technology startup Nettle has closed an oversubscribed $4.8m seed round led by MTech Capital, taking total funding to $6.8m. Existing backer Project A Ventures invested above its pro rata entitlement.
Nettle builds software that automates commercial insurance inspections. Its platform combines remote risk identification, guided on-site inspections, analysis of evidence captured on mobile devices and automated report generation, producing standardised risk scores for insurers.
The company was founded in 2024 by Jack Miller and Katya Kinane, who met at QuantumBlack, McKinsey's AI arm. It is headquartered in London and also has an office in New York.
Nettle has now raised $4.8m in a seed round that it describes as oversubscribed. MTech Capital, a specialist insurance sector investor, led the round.
Sure Valley Ventures, Portfolio Ventures and Ventures Together participated alongside angel investors. The post-money valuation was not disclosed.
The notable cap-table detail is Project A Ventures. The European early-stage firm took a super pro rata allocation, meaning it bought more than the share needed to maintain its existing stake and has increased its ownership rather than accepting dilution.
The round follows a $2m pre-seed in March last year, bringing total capital raised to $6.8m in roughly two years since founding.
Nettle says insurers using the platform complete inspections up to five times faster. Earlier this year it signed Allianz Türkiye, which is using the product for commercial property risk engineering.
According to a blog post by Miller, Allianz committed after a pilot showed risk engineers completing property inspections up to three times faster.
The new capital will fund expansion across the US and Europe. Nettle also plans to add to its engineering and go-to-market teams.
Miller said the platform turns loss control into a competitive advantage for insurers. Kevin McLoughlin, founder and managing partner of MTech Capital, said leading global insurers were adopting the product and that it needed minimal integration work.
The deal is one of a run of UK seed rounds in which a sector-specialist fund leads and an earlier generalist investor increases its position. For Nettle, an insurance-focused lead brings distribution into carriers, the customer group that determines whether the product moves beyond pilots.
The company has not disclosed revenue or customer numbers beyond Allianz Türkiye. Converting further pilots with large insurers in the US, where commercial property risk engineering budgets are largest, is the stated priority for the next phase.
Original source: Silicon Republic — https://www.siliconrepublic.com/start-ups/irish-founded-insurtech-nettle-raises-4-8m-seed-round
