June was an extraordinary month.
Not in terms of the number of deals announced, with only three funding rounds made public. That makes it another relatively quiet month, in line with May and clearly at the lower end of what we've seen over the past two years.
The story is completely different when it comes to invested capital. With €548 million raised in June, the month ranks among the largest in the history of European InsurTech.
Few deals but a massive total means each funding round was sizeable. One deal alone accounted for €480 million. That was Alan, the French health insurance startup, which announced a new funding round just three months after raising €100 million. The company has now raised more than €1 billion in total.
It still trails Wefox, but its valuation remains above €5 billion, making it, to the best of my knowledge, the highest-valued InsurTech in Europe today.
The first quarter had already set the tone, with as much capital invested during those three months as in the whole first half of last year.
With such a remarkable June, the first half of the year closes on a high note. More than €900 million has been invested over six months, already exceeding last year's total by 52% and surpassing the annual totals recorded in the post-Covid years.
The number of deals, however, tells a different story. The first half saw a 29% decline compared with the same period last year.
This reinforces a trend we've highlighted before: category leaders continue to emerge and raise very significant rounds. At the other end of the spectrum, a handful of young startups are still entering the market with smaller seed rounds. The real challenge lies with startups that fit neither category, as they have become almost invisible to investors.
In short, three deals announced and €548 million invested. Those are the key figures to remember this month.
Subscribe to our newsletter:
Now let's take a closer look at the second-largest deal of the month, as we already covered the largest one, Alan, in our March podcast.
This month, the spotlight is on Eye Security, which announced June's second-largest funding round.
The Dutch startup raised a €60 million Series C, led by Belgian investor Sofina, alongside its existing investors.
This fourth funding round comes just over two years after a previous €36 million raise announced in March 2024, which was led by J.P. Morgan. According to Crunchbase, the company has now raised a total of €117 million.
Founded in 2020, Eye Security operates in the cyber insurance market with an approach centered on its cybersecurity platform, which helps small and medium-sized businesses assess and reduce their cyber risk. The offering also includes incident response services and, of course, cyber insurance itself.
As part of this latest funding announcement, the company revealed that it now serves more than 1,000 businesses across the Netherlands and beyond its home market, throughout the Benelux and DACH regions.
Today, Eye Security employs 271 people, according to LinkedIn, representing 99% employee growth over the past two years.
