French insurtech startup Leocare raising €15 million to boost growth

French insurtech startup Leocare raising €15 million to boost growth

Insurtech startup Leocare, which offers a 'modern' way to get homes, cars, motorbikes and smartphones insured, is raising €15 million from Felix Capital, Ventech and Daphni to fuel its growth.

Brought to life in 2017 by Christophe Dandois and Noureddine Bekrar to “breathe new life into the French insurance market” with a digital-friendly strategy, its self-described raison d'être is that there is a mismatch between what traditional insurers are offering the French, whose lifestyle is rapidly changing according to the founders.

Says Dandois: "It was time for a product range based on technology and continuous dialogue, in order to support and protect French people. To this day, we collect more than one million euros of insurance premium a month and our app has been downloaded more than 150,000 times already."

The startup now has around 20,000 customers, and it's aiming high, for 1 million customers in France and other parts of Europe by 2025, with 3 additional services launching this year to boot.

Coincidentally, it seems like the coronavirus outbreak has set Leocare apart from its traditional competitors; one example is that the startup has decided to freeze its prices for this year, instead of making a small increase like the bulk of its rivals.

"Life for French people is complicated to an unparalleled extent and they need support and protection throughout the present crisis. We want to innovate even more to stay as close to them as possible,” Dandois added in a statement.

The startup wants to get to 80 employees in 2021, and roughly double that by next year, as it plans to launch things like a bot to automate and facilitate the management of claims, and what it calls 'TakeCare', a novel road safety service for car insurance customers.

Also read: Insurtech in Europe: 2020 in review

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