What was announced
A former UK government minister has moved into AI startups. Tech.eu reports that Bim Afolami, who was economic secretary to the Treasury between 2023 and 2024 under Rishi Sunak, has launched i23 with Anand Sambasivan, a co-founder of the fintech PrimaryBid. The company is reported to have raised £4.9m in seed funding, a figure that Tech.eu attributes to Sky News, which broke the story first.
The round
Four Cities Capital jointly led the round. Outward VC, Seedcamp and Insiders Ventures also invested. The founding team includes Mike Coombes, PrimaryBid's former COO, and Salman Valibeik, co-founder of the marketing startup Opriva. According to the report, PrimaryBid was acquired by the US fintech SoFi last year.
What i23 says it is building
Sambasivan describes the company as an AI-native insurance broker. Per the Sky News account relayed by Tech.eu, i23 is developing an AI operating model that carries out the routine administrative work of insurance brokers. The report gives no product name, launch date, customer list or pricing, so those remain unknown.
The market it targets
Tech.eu cites market data putting the UK insurance broker market at up to £22bn a year, and describes it as highly fragmented. That fragmentation is the stated opening: many small players doing similar administrative tasks by hand.
What to take from it
This is a seed-stage bet, and the details come from a press report and a founder's comments rather than a product announcement. Treat the claims about what the system will do as intentions until a product ships. What is confirmed is the money, the investors and the team, along with the target of administrative work inside brokerages.