Founded by Gary Burke, iprism is an insurance intermediary which sells policies to brokers and direct customers on behalf of groups such as AXA, Aviva and LV.

Corporate finance firm Livingstone Partners advised iprism on the deal and introduced the company to Magenta, a family investment vehicle which makes investments of up to £15 million in e-commerce businesses, including development capital, buy-out and project finance opportunities.

Chase Emson, partner at Magenta, says he was particularly impressed with iprism’s management team and the traction the company has gained in a short time.