In May, the InsurTech ecosystem enjoyed a slight uptick in activity with 5 deals announced in recent weeks. However, only €30 million was invested in Europe, making it the weakest month in terms of amounts raised. This is mainly due to the absence of late-stage deals over €15 million.
In short, 5 deals were announced, with €30 million invested.
Let's start with Peppercorn in third place. The English startup announced a new round of £3.25 million. Beyond the display of an oversubscribed round according to the startup, this funding aims to accelerate the deployment of its B2B conversational agent specializing in insurance. Launched in 2020, it offers the Pipr product to various insurance players, with the triple ambition—and I’m quoting from their website—of reducing costs, improving risk assessment, all within an enriched customer experience. Finally, it's worth noting that this round comes two years after a first round of £1.8 million and that the company employs 19 people according to LinkedIn. This figure is down 14% over the past year.
The second largest round of the month was announced by Insurama. The Spanish startup revealed an €8 million round, including the conversion of a bridge held—if I understand correctly—a few months ago by its historical investors. This round saw the entry of the fund All Iron Ventures and aims to accelerate the development of its online insurance offerings. Launched in 2018, the startup raised a previous round of €5 million nearly three years ago. It offers products for individuals, as well as for freelancers and small businesses. Beyond distribution on its website, it highlights partners like AliExpress, among others. Interestingly, it has expanded well beyond its domestic Spanish market into Italy and Portugal, but especially into Latin America. The team has also grown to 53 people, a 23% increase over the past year! Finally, this round also provides the startup an opportunity to announce that it has sold 210,000 policies since its inception.
Let's stay on the topic of distribution with Urban Jungle, which announced the largest funding round in the European InsurTech scene this month, raising €13 million. Several interesting characteristics of this round are worth noting. Firstly, it was led by existing investors. Secondly, it comes two years after the last round announced in May 2022. Lastly, it is notably smaller than the previous round, which was €19 million. Launched in 2016, the company focuses on the distribution of home insurance online via its website—a pure direct distribution model, single-product. This funding aims to support continued growth as the team has slightly expanded by 7% over the past year, now comprising 95 employees. In terms of commercial development, the startup claims to have 200,000 customers since its inception.
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