Anorak raised £5 million in a funding round led by Outward VC.

Anorak, a London (Farnborough), UK-based online broker for life insurance, income protection and critical illness cover, announced the completion of a £5 million ($7M) capital funding.

The money was raised from investors led by Outward VC, joined by Triple Point Ventures and existing investor Kamet Ventures, as well as by angel investors Nic Kohler, the former CEO of Hollard, Paul Evans, Chairman of Allianz PLC, and board member of Bupa and SwissRE Europe, Charlie Delingpole (CEO and founder of ComplyAdvantage), and Will Neale (Founder of Fonix and Grabyo).

The proceeds will be used to build business as well as expand the distribution and partners network, while investing in its fully automated advice platform.

Anorak, founded in 2017 by CEO David Vanek and Vincent Durnez, built a platform that helps people to understand their financial liabilities, providing them with online tailored advice and making sure they get the right cover in place. The technology can be integrated into existing software so that people can access life insurance options while using everyday services such as digital banks, online mortgage brokers, investment platforms, digital money management service and challenger banks.

The company works with partners including Starling Bank, Snoop, Clearscore, Canopy, Billbuddy, Vivup and OpenMoney.

Anorak previously raised almost $12 million in two rounds, both closed in 2018 - one in January and the other in November.