April was a particularly active month. With eight deals announced, it once again became the most active month in the past two years! It also helped offset a relatively quiet start to the year. As of now, the drop in investment activity is only 14% in terms of deal count compared to the same period last year.
The same trend holds true for the amounts invested: with €108 million raised, April was by far the most active month since the beginning of the year — and even the second most active month in nearly two years!
However, I find this KPI (amounts invested) less relevant for year-over-year comparisons because certain players — particularly direct distributors or full-stack insurers — naturally tend to raise much larger funding rounds. The same goes for more mature startups compared to the first rounds of younger companies. This is why I prefer focusing on the number of deals, which is less prone to such biases and more accurately reflects the current market dynamics beyond short-lived trends.
In total: 8 deals announced for €108 million invested — that’s the key takeaway on the numbers side.
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Let’s now take a closer look at the three most significant deals this month to see what insights we can draw, either about the startups themselves or about the broader trends they illustrate.
Starting with Grâce, in third place. The French startup announced a €5.9 million funding round, backed by FinTech Collective and Speedinvest, alongside several insurance-sector Business Angels. To recap, Grâce has developed an original insurance offering for luxury goods. Acting as a broker, it partnered with Chubb to build its product and has developed proprietary technology to simplify policy subscriptions, contract management, and claims processing. This is Grâce’s first fundraising announcement and also marks the launch of a global partnership with luxury luggage brand Rimowa. According to LinkedIn, the startup currently employs 36 people, a 44% increase over the past year. Of note, 42% of the team works in sales and marketing, while 11% are in tech roles.
In second place, we have Mila, which announced a €12 million raise. The French startup welcomed Elevation Capital to its cap table alongside its historical investors. As a reminder, Mila has held an insurance license since its launch in 2020, making it a full-stack startup capable of offering its own rent guarantee insurance products. This marks Mila’s second funding round, after an initial €10 million raise over three years ago. With this latest round, Mila reports covering over 140,000 clients — double the number from the previous year — and notably reveals it has achieved profitability in 2024. On LinkedIn, the company lists 67 employees, a figure that has increased by 37% year-on-year.
Finally, taking the top spot this month is Marshmallow, which announced the largest raise. The UK-based startup raised €79 million from Portage and Blackstone to continue developing its car insurance offering targeted at migrant in the UK. Marshmallow also has ambitions to expand into other financial services. This round comes more than three years after its previous raise, which was a relatively similar €72 million. The startup now claims over one million policyholders, generating more than $500 million in annualized premiums, and confirms it has reached profitability. Overall, Marshmallow has raised over $220 million since its launch. Additionally, it is reported to have a valuation exceeding $2 billion, thereby doubling its valuation since its last round and solidifying its unicorn status. According to LinkedIn, the company employs 603 people, a 33% increase over the past year.
