The seed round was led by Newfund, with participation from vertical investment firm Astorya.VC, MCapital and a trio of unnamed angel investors.
With the fresh funding, Olino sets out to 'conquer Europe' with its 100% online insurtech platform geared towards professionals.
Focused on building a so-called 'embedded insurance' service, Olino is already available in 15 digital insurance products today, enabling anyone servicing SME customers to integrate insurance offers at some point in the customer on-boarding journey.
Olino has partnerships in place with the likes of Silvr, Axonaut, and a number of (unnamed) neobanks.
“Our first year of existence has allowed us to develop our online platform to simplify insurance, and to be identified as an expert in on-board and tailor-made pro insurance,” says Dorian JORRY, co-founder and COO of 'Olino.
“With this fundraising, we are entering the European on-board insurance market for professionals with the ambition of becoming the benchmark. With this technology, we allow any B2B player to distribute insurance solutions,” added Quentin FABRE, co-founder and CEO.
Interestingly, Olino has also launched a free SaaS platform dubbed Le Cockpit that enables entrepreneurs to better understand their current insurance contracts.
Olino is supervised by the French authorities through the ACPR - Banque de France.