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InsurTech Europe: March 2024

Let's delve into the details of the investment dynamics at play in the European InsurTech scene, as we do every month.

Let's delve into the details of the investment dynamics at play in the European InsurTech scene, as we do every month. And March was quite active. There were 7 deals announced in recent weeks. This represents both an increase compared to last month and above the monthly average observed last year. We also see an increase in the amounts invested, with €76 million raised by startups. While not reaching the levels of 2021-2022, this volume remains strong, above last year's monthly average!

In summary, 7 deals announced, with €76 million invested - that's what stands out in terms of numbers.

This month, Eye Security announced the largest funding round with €36 million raised. This Dutch startup operates in the highly dynamic cyber insurtech sector. Like many of its counterparts, it offers a solution that combines prevention tools, a distribution facilitation solution for brokers, and obviously a cyber insurance product. You may recall that the startup announced its €17 million Series A funding round in November 2022, almost 18 months ago. It remains ahead of similar startups offering a similar product. With 120 employees listed on LinkedIn (up 46% over the past year), the startup is beginning to reach a significant size. However, it is worth noting the absence of figures on its current activity level. The announcement of a funding round is nevertheless an opportune moment to share some insights into its commercial progress. It's worth noting that JP Morgan Growth Equity is entering the company's capital as part of this financing round. The funding is intended to strengthen the startup's presence in its local market - the Netherlands - and in the German and Belgian markets where it already operates. Finally, the startup mentions plans for new country openings in the future.

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The second significant deal this month concerns Hellas Direct. The Greek startup announces a €30 million funding round, led by ETF Partners. As a reminder, Hellas Direct offers various personal insurance products online. It is possible to subscribe to car or home insurance on its website. It's worth noting that its initial positioning was exclusively related to car insurance. The startup has therefore expanded its scope over the course of its development. Its last funding round dates back to June 2021, quite some time ago. It was a similar amount at the time, by the way! The announcement of this new funding round comes with a fairly clear commercial roadmap: aiming to strengthen its development in Central and Southern Europe. Moreover, there is mention of an equally interesting and mysterious opportunity: to develop a "sustainable insurance offering, addressing climate change issues." On this occasion, the online media Coverager indicates that the startup ended 2023 with 900,000 covered clients generating a total of €155 million in premiums. In my opinion, these figures can be useful for the debate raised during my recent panel at the InsurTech Insights event in London. Indeed, on that occasion, a question was raised about hypothetical successes in InsurTech. However success is defined - certainly not based on fundraising alone - I imagine that with nearly 1 million clients, Hellas Direct is a good example of success for the moment!

Finally, let's note the funding round of Xaver. The German startup announces a €5 million pre-seed round (meaning prior to its launch) for its AI solution aimed at improving the sales performance of brokers and agents. This is in the field of life insurance. The funding round is led by the American fund Motive Ventures and the Berlin-based investor Cavalry Ventures, alongside many startup founders including the former CEO of Wefox. Beyond announcing this funding round, the startup announces its launch and promises an improvement in sales efficiency of up to 65%! In addition to fitting with the current theme of artificial intelligence, it will be interesting to follow the early steps of this player, both in terms of signed logos and concrete results, as the topic of AI in insurance distribution is clearly an opportunity that has been highlighted many times in the envisaged use cases for these technologies.

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