InsurTech Europe - August 2023
As every month, let's review the deals announced in the past weeks. Unsurprisingly, the month of August has been relatively quiet in Europe. Only three deals were announced during the month.
First, the German startup SureIn announced a €4 million raise. The funding round is led by several investors including Pact VC, alongside existing investors. It's worth mentioning that the startup is backed by Sequoia - a well-known fund in the United States - through its incubation program 'Arc', as it's called. On this occasion, the startup indicates that it has exceeded €1 million in premiums and covers a little over a thousand clients. The premium-to-client ratio is interesting and provides an indication, if not of the client profile, at least of their size. It can be compared with other recently funded players (for example, Insify). By the way, let me remind you of what SureIn does: it's an InsurTech that distributes online insurance policies targeting small and medium-sized businesses. Like most of its competitors, it follows a direct distribution model, 100% digital, of course.
The second deal involves Tuito, a Czech startup in the embedded insurance sector, which raised €1 million from two local VCs. Its solution aims to enable eCommerce sites to offer insurance in the purchase process. To date, it does this particularly on sites for outdoor vehicle or boat rentals.
Lastly, Dattak announced a €11 million Series A funding. Breega and BPI are joining as investors, alongside existing investors. As a reminder, the company positions itself in the very trendy cyber insurance space by offering a mix of cyber protection services and insurance, all distributed through a network of partner brokers. It's noteworthy that the startup claims to have over 1000 clients to date and aims for €10 million in premiums next year.
And that's all for August. As I warned you, it was very quiet. We'll have to see if this foreshadows a revival with the September return or if the slowdown observed since the beginning of the year will continue throughout the second half.