Big day for French insurtech startups, it seems.
Paris-based neo-insurer Lovys has announced that it has secured €17 million in Series A funding from Heartcore, NewAlpha, Raise Ventures and prior backers Maif Avenir, Portugal Ventures and Bpifrance.
Lovys initially picked up €3.3 million in seed funding in 2019.
Founded in 2017 by Portuguese entrepreneur João Cardoso, the company offers online insurance products for homes, cars, pets and smartphones, and says it wants to ride its growth wave to hit 100,000 policyholders within a year, up from its current 20,000.
The fresh cash will serve it expand internationally, grow its team and improve its customer experience, Lovys says.
Funnily enough, its value proposition is almost identical to that of Leocare, another French insurtech startup that announced €15 million in funding today, in the sense that it wants to provide a digital-first insurance product for younger generations of the French population whose lifestyles have changed tremendously (with and without Covid-19).
Says Cardoso: "I am very proud of my teams and the road we have travelled to get to this A Series. We are working hard to achieve our mission and our efforts are paying off - our number of policyholders is constantly growing and we have found trusted investors who believe in the project as much as we do. This fundraise will allow us to grow further and give us the means to execute our vision: transforming insurance to make it accessible, simple, and transparent."
Also read: Insurtech in Europe: 2020 in review