September stayed in line with the pace observed since the beginning of the year.
In fact, five deals were announced in recent weeks. That’s exactly the monthly average this year. And it sits somewhere between the peak of last April and the low point in August.
Worth noting: this figure is still down compared to last year, even though since January the overall momentum has been stronger, with 12% more deals announced than in the first nine months of last year.
On the investment side, two more mature startups boosted the numbers, bringing the total raised by insurtechs this month to €29m.
We can clearly see a dual dynamic: young startups entering the market with their very first fundraising rounds (three of them in September), and more established players confirming their position with new rounds to solidify their standing in their respective markets.
From that perspective, and since the beginning of the year, the total invested still sits below last year’s level at the same point in time. But that number shifts almost month by month. Precisely because, from time to time, category leaders emerge and announce yet another round that significantly inflates the ecosystem’s total.
So to sum up: 5 deals announced, €29m invested — that’s the key takeaway on the numbers side.
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Now, let’s take a closer look at the three most significant deals to see what lessons they reveal — either about the startups themselves or the broader trends they illustrate.
We’ll start with Eyst, in third place. The French startup announced a new €1.4m round, led by French business angels, many with ties to the insurance sector. Founded in mid-2022, Eyst is building technology for insurers to make claims reimbursement easier across auto, home, and health insurance. Its SaaS solution allows insurers to instantly issue payment cards with spending caps and sector-specific limits, avoiding the need for policyholders to pay upfront. It also helps insurers confirm the proper use of reimbursement funds. Eyst already counts several big names in insurance among its partners. As of now, the startup employs 12 people, a number up 50% year-on-year.
In second place, it’s Seyna, which announced a €10m round, led by 115k, the corporate VC of La Banque Postale, which is clearly doubling down on insurtech with this deal. The French startup is now raising for the third time, more than three years after its previous €33m round. This time, the amount is much smaller. But in today’s VC environment, the focus has shifted from growth at all costs to capital efficiency and profitable growth. Seyna, in fact, reiterated its short- to mid-term profitability outlook with this raise. Launched at the end of 2019 as a full-stack player — meaning it holds an insurance license — Seyna quickly added a significant tech layer for brokers, offering them a suite of tools to streamline daily operations. On top of that, it also provides its own insurance products in select lines. In total, Seyna has now raised €57m. According to LinkedIn, it employs 61 people, a number down 6% year-on-year.
Finally, in first place, it’s Insify, which announced the biggest raise of the month. The Dutch startup secured €16.3m, led by Evli Growth Partners, which joins historical backers for this fourth funding round. This comes a little more than two years after its previous €10m round. Since launching in 2020, Insify has raised nearly €44m to offer SMB insurance, sold directly online through its website. It also runs an indirect channel, enabling partners — often platforms — to integrate SMB insurance into their sales journeys. If that positioning feels familiar, it’s because insurtechs for small businesses have been a recurring theme in Europe since the sector’s early days. Several players have recently raised large rounds, particularly in France earlier this year. For Insify, this round comes as it reports covering 30,000 professionals, a number that has tripled in just two years. After conquering its domestic market, it also launched in Germany and France in 2022. Today, Insify employs 72 people, according to LinkedIn, up 3% year-on-year.
