September has been a particularly active month, with seven deals announced, pushing us back above last year’s monthly average. This likely compensates for the quiet August, as you might remember if you regularly listen to this podcast. Notably, several significant rounds of funding were announced, three of which were in France, reflecting the strong momentum of the ecosystem since spring! Of these, two stand out as the largest funding rounds of the year so far, each surpassing the symbolic €100 million mark for the first time in 2023.
In summary: seven deals were announced, totaling €357 million invested.
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Let’s start with Neat, a French startup focused on the now well-known theme of embedded insurance. Neat announced a €50 million funding round, including €30 million in equity and €20 million in non-dilutive debt. Launched in mid-2022, the startup aims to enable platforms and marketplaces to add insurance products to their sales processes. Since then, Neat has signed with 1,500 partners and sold over one million insurance policies. Their product range includes warranty extensions, ticket cancellations, theft, loss, and damage coverage. This funding round, one of the largest in InsurTech this year, follows a previous €10 million round just months after its launch. This latest round saw the participation of the well-known FinTech fund Headosophia, alongside existing investors. According to LinkedIn, the startup now employs 52 people, a 53% increase over the past year.
In second place is Akur8, which announced a €108 million funding round. This comes just over a year after raising €25 million from Guidewire. The round introduces UK-based investor One Peak to the company. Akur8 offers a pricing solution for actuaries, targeting a niche in the value chain where few startups currently operate, though initiatives in this space have been increasing recently. The startup now boasts over 250 clients across 40+ countries and recently acquired Arius, a reserving solution for P&C lines, expanding its product suite and granting access to major insurers in the U.S. Akur8’s team has grown to 155 employees, a 44% increase over the past year.
Lastly, in the top spot for the month—and the year—is Alan, with a €173 million funding round. Led by the Belgian bancassurer Belfius, this round is accompanied by a strategic partnership, allowing Alan’s products to be distributed to Belfius customers. Alan, launched in 2016, offers a fully digital health insurance product. By the end of Q2, it covered nearly 650,000 beneficiaries with €455 million in annualized premiums, though it reported a €30 million loss in the first half of the year. On the commercial side, Alan recently won several tenders with French government ministries, further solidifying its institutional client base. Alan now employs 1,020 people, a 15% increase over the past year.
