June was a quiet month once again. With only four deals announced in recent weeks, it places the month on the lower end of the spectrum since the beginning of the year—though not the worst, to be fair.
All the deals were recorded in Europe’s three main startup ecosystems—namely Germany, France, and the UK. It’s actually the first time this year that no deal was announced in what we typically refer to as "the rest of Europe," meaning outside of these three dominant startup hubs. This is something of an anomaly, especially considering that local ecosystems beyond the big three have accounted for a significant share of the InsurTech momentum in Europe during the first half of the year.
By the way, if you want to dig deeper, don’t forget to like and subscribe to this podcast, because we’ll soon be releasing our bi-annual analysis of the European InsurTech landscape, and I’ll be summarizing the findings in an upcoming episode.
Now, back to last month’s funding news. One of the highlights was Descartes Underwriting, a startup specializing in parametric insurance. While the funding amount wasn’t disclosed, and thus doesn’t qualify the startup for our rankings or the top 3 I’ll break down later in the episode, it’s still a notable event. The round was led by Battery Ventures, a highly respected U.S. VC fund. Even more impressive: the founder of Guidewire is joining Descartes’ board. This solidifies Descartes’ position as a global leader in parametric InsurTech, not just in Europe.
Outside of that undisclosed round, a total of €39 million was invested in the month. Again, it’s a moderate dynamic, not the slowest of the year, but still quiet. It’s also worth noting that the largest deal alone accounted for €25 million—proof that capital is highly concentrated. That said, the takeaway here is that significant funding rounds are still very much possible in Europe.
Interestingly, most of June’s deals involved startups targeting small businesses (TPE/SMEs). This trend underscores growing interest in that segment after years of investor focus on personal lines. The big question now is whether direct distribution models, often favored in these segments, will prove more sustainable than they have for other insurance products.
So, to sum up the month in numbers: 4 deals announced, €39 million raised. That’s the bottom line.
Subscribe to our newsletter:
Let’s now take a closer look at the top three deals and try to extract some key takeaways—whether about the startup itself or the broader trends it might represent.
3rd Place: Covr Global
Covr Global, a UK-based startup, secured its first funding round of £1.8 million to develop an AI-powered solution for insurance, with a strong focus on claims management. The aim is to equip insurers with tools to streamline this crucial touchpoint in the customer journey—analyzing policy documents to validate claims, define next steps, and flag potential fraud. The round was led by MTech Capital, a U.S. InsurTech-focused VC that regularly invests in Europe. Launched in 2024, Covr Global currently has 7 employees, a 40% headcount increase over six months, according to LinkedIn data.
2nd Place: Baobab
German startup Baobab announced a €12 million raise, with Viola FinTech and eCapital joining existing investors. This is the company’s second funding round, coming three and a half years after its seed round in early 2022. Baobab plays in the once red-hot segment of cyber insurance, offering a mix of tools for brokers (to ease distribution), cybersecurity solutions (to better protect end clients), and of course, insurance products themselves. The company didn’t disclose client or revenue figures, but stated its intent to expand across Europe. Founded in 2021, it currently employs 39 people, a figure up 8% year-over-year.
1st Place: Orus
Topping the list is Orus, a French startup that announced a €25 million round led by Singular, a fund with a growing InsurTech track record (notably leading a major round in Life5, a Spanish life insurance startup, in 2023). Orus offers fully digital insurance for small businesses. The company says it now serves over 30,000 companies, adding 2,500 new clients per month. It also recently expanded into Spain, where it already insures 1,000+ SMEs, with more countries set to launch next year. This is Orus’ third funding round, coming 18 months after its €11 million Series A in October 2023. Founded in 2022, the company now has 98 employees, a 34% increase over the past year, according to LinkedIn.
