October saw great momentum, reaching the symbolic threshold of six announced funding rounds, in line with last year’s monthly average. This is the fifth time this year that this milestone has been hit or surpassed. Once again, France leads the way, claiming three deals, including the two largest, with the UK close behind.
Notably, this month brought diversity across the value chain, touching on product innovation, distribution—no surprise there—and, most interestingly, claims management. This marks the first funding round in claims management this year, which we’ll explore in more detail in the next section since it’s also the largest deal of the month.
In summary, six deals were announced, totaling €60 million invested—a key takeaway on the numbers front.
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Let’s start with Diesta, which takes third place. The UK-based startup announced a €3.5 million funding round, with FinTech Collective joining its cap table. This comes just under a year after its initial €1.7 million round. Diesta holds a unique position, as few startups operate in its niche—insurance payments. Its platform automates the reconciliation and distribution of payments. Founded in 2022, Diesta has grown to 10 employees, a 25% increase over the past year.
In second place, Stoik has raised funds yet again, marking its fourth funding round since its launch in late 2021. This round totals €25 million, led by France’s Alven, with Tokio Marine also joining in. The insurer has long partnered with Stoik, primarily in providing insurance capacity. Stoik, a cyber insurance provider, offers an all-in-one solution with tools for prevention, broker distribution, and of course, insurance. With this funding, Stoik shared updated metrics. It initially targeted €10 million in premiums and 4,000 clients for 2023, but has since achieved €25 million in premiums and now aims for 5,000 clients by the end of 2024. Average transaction size is rising, which makes sense given Stoik’s strategy to insure increasingly larger companies. Initially focusing on small businesses, Stoik now serves companies with up to €750 million in annual revenue. Its team has grown to 77 employees on LinkedIn, a 26% year-over-year increase.
Finally, in first place is Qantev, a French startup focused on claims management for health and life insurance, which raised €30 million to advance its AI-driven solution that automates various claims management processes. Qantev showcases several use cases on its website, highlighting the benefits for clients in automation, fraud detection, data enrichment, and care network management. The funding brings in Blossom Capital from the U.S., joining previous investors such as Elaia. Qantev’s LinkedIn-listed team has grown by 22% year-over-year, now totaling 62 employees.
