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InsurTech Europe: January 2024

Overall €71m were invested through 4 deals.

Overall €71m were invested through 4 deals.

Let's start with the most important one: Hyperexponential. This startup, based in England, focuses on the underwriting - in terms of pricing - part of the value chain. If you're used to this podcast, you know that this section has been rather quiet in terms of investment in recent years, despite several predictions of increasing activity from startups in this part of the chain.

The announced round of $73 million is therefore quite unusual. Because in addition to its positioning, the amount raised is also out of the ordinary. By comparison, it would have been the second-largest ticket last year! Also noteworthy is the presence around the table of two iconic American investment funds: Battery Ventures and Andreessen Horowitz.

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Finally, it's interesting because this startup was relatively unknown to the general public, beyond its local market in England, it seems to me. And yet, it has experienced significant momentum judging by the evolution of its team: which increased by 30% in one year, when the European median is declining: -7%! It's also discreet because its last funding round - $18 million nonetheless - dates back to mid-2021. However, this round concludes a good dynamic because, you may remember, the startup announced at the end of last year a partnership with another emblematic startup in the underwriting part of the value chain: the French Akur8. It also announced the signing of a contract with the English insurer Aviva. The circle is complete with this significant fundraising.

Then comes the fundraising of a French startup; Welfaire. It focuses on health and welfare insurance targeting freelancers, self-employed professionals, or artisans. It announces a round of €3 million raised notably from Kima Ventures and Founders Future. It plans to launch its offering, presented as digital and relying on a network of experts. This round obviously resonates with the dynamics of commercial lines, which was one of the lessons of the past year. It will be interesting to see how this dual approach announced from the outset - digital & brokers - will allow the startup to develop in a segment explored by so many other InsurTech companies before it.

The third biggest round announced this month was from WeSur - a French InsurTech player - which raised €1m to develop its new generation comparison portal.

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