In terms of investment dynamic, November was particularly active, with eight deals announced. This matches the yearly high set back in March and aligns with the average monthly activity levels seen during the boom years of 2021-2022.
In terms of financials, the eight startups raised a total of €47 million, a modest figure compared to October.
Beyond the numbers, it’s worth noting the diversity of approaches and positions adopted by these startups. Besides the emerging risks mentioned earlier, the startups span three key areas of the value chain: products (including No.3 Calvin Risk), distribution, and claims management. Within ‘distribution’ alone, three distinct models were active this month: direct-to-consumer sales, technology solutions for brokers & agents (including No.1 Fasst), and InsurTech selling to SMEs (including No.2 Konsileo).
In summary, height deals were announced, totaling €47 million invested—a key takeaway on the numbers front.
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Here’s a closer look at the top three deals of the month:
Swiss-based Calvin Risk secured a $4 million seed round to develop its risk management solution for companies adopting AI technologies. This comes in response to the European AI Act, which requires businesses to implement measures for algorithm transparency and risk mitigation. The round was led by Join Capital and Seed+Speed, and the startup has already inked a partnership with Aviva. Calvin Risk currently employs 17 people, a number that has remained stable over the past year.
UK-based Konsileo raised £8 million in a round led by Committed Capital. The funding will support its expansion in commercial insurance sales, specifically targeting SMEs. This round follows a £5 million raise two years ago. The company reports an annualized premium volume of £60 million and employs 164 people, up 4% from last year.
French startup Fasst secured the largest round of the month, raising €27 million from Revaia and BPI France, with existing investors AG2R and Malakoff-Humanis also participating. The funds will drive European expansion (targeting Germany, Spain, and Italy) and extend Fasst’s product offering beyond health insurance. Fasst develops tools for brokers and agents to simplify the complex landscape of health and life insurance products. Currently, the company reports €12 million in revenue and employs 98 people, a growth of 8% year-over-year.
