€2.9m · Other round · Software · Lisbon, Portugal
Lisbon-based insurtech FRANK has raised €2.9m in funding from Armilar and Start Ventures to develop its AI Operator for insurance brokers, strengthen support for brokerage clients and prepare for international expansion. Tech.eu reports that most of the capital will go into research and development, including further training of the system, before a planned move into markets beyond Portugal in 2027.
Founded in December 2024 by António Castro, Ricardo Vallejo and Alexandre Silva, FRANK has commercialised its platform for less than a year. The company says it is already used by more than 350 agencies and brokerages and 1,500 users across Portugal.
An operator across fragmented insurer systems
Insurance brokers routinely move between email, messaging channels and insurer portals to request quotes, update policy details and follow claims. FRANK's product is designed to carry out those steps rather than simply generate text. It reads incoming documents, identifies the relevant process and missing information, logs into the appropriate system, enters data and returns a result such as a commercial quote or claim-status update.
That workflow breadth is commercially important. The more carrier portals, ERP systems and broker processes FRANK can handle reliably, the more administrative work an agency can route through the product. The company's official site packages usage into action-based subscriptions and offers integrations with systems including Libax, Lluni, Gemese, Outlook and WhatsApp Business, tying revenue to the volume and complexity of work automated.
FRANK says the platform now completes around 70,000 back-office tasks each month. Brokers using it report saving about ten hours of administrative work per person each week. Those are company-reported figures, but together with adoption across 350-plus agencies they give the funding a concrete operating target: make the system dependable across enough routine workflows that it becomes part of an agency's daily infrastructure.
Expansion depends on integration depth
Armilar principal Inês de Macedo Santos framed the problem as freeing brokers from manual operations so they can spend more time on risk advice and clients. Start Ventures said it backed FRANK before the company had a customer and pointed to adoption in a conservative industry as the signal behind its continued support.
The next step is not only geographic distribution. Entering a new insurance market means adapting to different carrier portals, broker software, documents and operating practices while preserving human oversight for regulated advice. FRANK's terms place professional responsibility with licensed brokers, so the product's value depends on executing administrative steps accurately without blurring who makes the final advisory decision.
That makes the planned 2027 expansion an integration test as much as a sales push. If the new capital helps FRANK transfer its Portuguese workflow coverage into other markets without rebuilding every process from scratch, the company can turn local operating knowledge into a repeatable vertical-software advantage.
Sources checked:
Tech.eu · Jornal Económico · ECO · FRANK · Armilar · Tech.eu Funding Explorer
