The Productivity Plateau!
This echoes — you may have recognized it — the famous Gartner curve: the hype cycle, which defines several phases in technological innovation. First comes the explosion of interest when a topic becomes “hot,” then the inevitable disillusionment once the dust settles, before ultimately reaching a kind of balance — the productivity plateau.
And that’s exactly what came to mind as I looked at the curve of InsurTech investments in Europe at the end of 2025.
Let’s say a quick word about December. Quick, because the month that has just ended was once again particularly quiet.
Only two funding rounds were announced — putting us at the same, low level as the middle of summer. And these rounds came from young startups entering the market and therefore posting relatively small amounts raised.
In total, less than €3 million was invested in European InsurTech in December. Again, roughly the same level as August…
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Note, however, that this activity took place in the “rest of Europe,” meaning outside the three traditionally dominant startup hubs: France, the U.K., and Germany.
It’s also worth noting that thanks to a deal announced on its soil, Spain finishes the year in third place among the most active European countries for InsurTech fundraising.
Also worth highlighting is Italy’s presence once again among the active countries in December, confirming the strong momentum in an ecosystem currently buzzing after several rather quiet years — and InsurTech is no exception!
To wrap up this December review, let’s talk about the startup FLINKET, which announced the largest round of the month. The Spanish startup revealed its first funding round of €1.4 million, led primarily by local business angels. Launched in 2024, the company positions itself halfway between open insurance and wealth-tech (a fintech sub-vertical tied to wealth management and, more broadly, retail investing). It is developing technology that enables financial institutions — first and foremost insurers — to create and offer insurance-based investment products in a fully paperless environment. Notably, it offers a suite of APIs that makes it easier to integrate its technology into existing systems. With only two employees, the startup is still at the very beginning of its journey — and this funding round is meant to mark its true market launch!
