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InsurTech Europe: May 2023

Overall, €123m were invested through 6 deals.

Top 3 deals:

Germany was the most active local scene, with 2 rounds closed for a total of €105m.

Like every month, we start by taking a look at all the fundraisers announced recently. And for once for a few episodes, the trend is rather upward.

Indeed, 6 deals were announced during the month of May. So we are still below the monthly average of the last two years, of course. But it is still twice as much as in recent months, and we are getting closer to the figures of the beginning of the year.

And beyond the number, several elements are to be highlighted in this month.

Already, we must highlight the super financing round announced by Wefox, €110m. If you remember, in the February 2023 episode we mentioned raising €55m. This had not been commented on by the company. Also, I believe that the announcement made this month included this amount announced then by certain media. Especially since the announcement made by Wefox is relatively precise, and evokes 2 different tranches: half in capital increase, half in credit with JP Morgan and Barclays. In any case, this once again positions Wefox at the head of the pack, moreover in the current context. Indeed, the only fundraising approaching this amount, €51m, was announced by Superscript at the start of the year. All the others are well below this figure! And it is also reinvigorating the InsurTech ecosystem in Germany, which has only seen 4 deals announced since the start of the year.

The second highlight of the past month is the significant activity in the InsurTech scene in Spain. Indeed, 3 deals were announced there, making it the most active ecosystem over the month. But even since the beginning of the year, it has positioned Spain at the same level as Germany! And the announcements cover a wide scope of maturity: from pre-seed to series A.

In this order, we should mention Foliume, which announces that it has raised €270,000 to develop its solution for brokers. Then comes Barkibu and its €4.5m raised to accelerate the development of its pet insurance offer. Finally, Mitiga Solutions announces a round of… €13m!! We were almost no longer used to this type of figures! In any case, it is to continue the growth of its technology in the service of parametric weather insurance. Subject often discussed, more rarely executed on the scale, of the month in Europe. Interesting to see that this fundraising was mainly done with ClimateTech funds, not InsurTech or FinTech as one might have expected.

In total over the month, it is therefore €123m invested, very largely driven by Wefox, as you will have understood.

And as the year progresses, some clear trends are emerging. Next month will mark the end of the first semester, which will be an opportunity to learn the first lessons. Remember to subscribe to this podcast so you don't miss the next episodes!

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