The month of June experienced rather calm dynamics once again. In fact, 6 deals were announced, one more than the previous month. However, the amounts invested are on the rise. With a total of €58 million raised, June performed slightly better than May. Nevertheless, it still falls short of the highest monthly levels observed since the beginning of the year, which exceeded €70 million. Moreover, as you might have calculated, this means that the recently announced funding rounds have been notably larger.
In summary, 6 deals announced, with €58 million invested—these are the key figures to remember.
Let's start with Continuity in third position. The French startup develops a solution that combines SaaS, data, and algorithms to help understand risks for small and medium-sized enterprises (SMEs). It focuses on the 'underwriting' part of the value chain, which has been particularly active since the beginning of the year. The €10 million round is led by 115K, the investment fund of Banque Postale, alongside historical investors including the Elaia fund. To recall, the startup had raised €5 million at the end of 2021. So, they have doubled that amount more than two years later.Additionally, the startup currently employs 37 people according to LinkedIn, marking a 23% increase over the past year. Finally, with this funding round, the startup reveals that it is being used by over 500 underwriters in France, allowing them to better manage insurance policies with a total value of over €2 billion.
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The second most significant funding round of the month was announced by Supercede. The English startup has raised $15 million to further develop its solution, which digitizes the relationship between insurers and reinsurers. This B2B positioning offers technology to serve established players. The round is led by Alven and Mundi Ventures, who are joining the historical investors in the capital. Previously, the company had raised $2.5 million in September 2020. This new round, almost four years later, represents a significant leap forward. This may be explained by a recent press statement indicating that their revenues increased by 500% last year.However, the trend is slightly different regarding the team, which consists of 22 people on LinkedIn. This figure has decreased by 8% over the past year and by 27% over the past two years.
Finally, the startup Bondaval has announced the largest funding round in the European InsurTech scene this month. They revealed raising a £15 million round (equivalent to over €17 million). The round is led by Dawn Capital. Founded in 2020, Bondaval specializes in credit insurance with its B2B solution that enables market players to better understand and cover their risks. This funding round will allow the company to continue its development, particularly through the creation of its own reinsurance vehicle, Bondaval RE.On the commercial side, while the company does not disclose detailed figures, it mentions operating in more than 30 countries. To get an idea of its commercial momentum, it’s worth noting that the amount of this round is roughly the same as its Series A announced 18 months ago, in December 2022. In contrast, its team of 42 people has grown by 40% over the past 12 months!
