She wants to be the Spotify of insurance. Assurtech Lovys announces today a fundraising of 17 million euros in series A. “Our historic investors Maif Avenir, Portugal Ventures and Bpi have renewed their support and are joined by new Heartcore funds, a Danish fund with a very European vision, which has just set up in France, NewAlpha, specializing in fintech and Raise Ventures ”, explains to L’Agefi João Cardoso, founder of Lovys.
“We want to become the first European digital insurance. Concretely, this means continuing to create new products to offer the most comprehensive protection in the online insurance market, continuing to improve the customer experience, and launching ourselves in two new countries ”, he continues.
Home, car, smartphone,
dogs & cats
The start-up, which offers online insurance contracts in 4 segments (home, car, smartphone, dogs & cats), is available in France and Portugal. “These funds will allow us to develop new products with our reinsurer partners”, explains his boss. It relies in particular on players such as Altima, Swiss Re and Helvetia.
Since its launch in 2017, assurtech has claimed 20,000 active customers, including 3,000 new ones every month. The company, whose number of customers has doubled in three months in 2020, is targeting 100,000 policyholders in 2021. Lovys has taken advantage of the context of Covid-19, which has turned the insurance sector upside down. “I think that the Covid has revealed a real need for dematerialized, rapid and tailor-made services among insured persons”, considers his boss. “During this very special period, the French realized that their insurer was difficult to reach when the branches were closed, they saw that their insurance did not cover such and such a claim and that changing their contract was very complicated”, he adds.
After an initial pre-seed fundraising of 400,000 euros, assutech raised 3.3 million in 2019, allowing it to develop its offer and open offices in France and Portugal. Founded by a former Morgan Stanley, the start-up now has 55 employees. To date, it does not communicate on its financial results. In France, it must in particular face players who have also resisted the crisis, in particular Alan who raised funds of 50 million euros or Leocare who raised 2.2 million euros.
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