Parisian embedded insurance solution provider Neat has raised €10 million in a seed funding round, one that appears to be the largest of its kind in this particular vertical. The €10 million is aimed at aiding the company in its international expansion efforts as well as tripling the headcount as it seeks to hire more than 40 individuals within the next 10 months.
Similar to Berlin’s Hakuna, a service that offers an “AppleCare-like experience across the board, no matter where or at what e-tailer you choose to shop at” Neat provides retailers with a white label embedded insurance product that they can then offer to their customers.
Ultimately the service is geared to increase revenues and improve customer loyalty all the while helping to reduce carbon emissions by eschewing the throw-away attitudes of a society of yesteryear in favour of repairing, reconditioning, and reusing items.
Founded in May of this year by former Barclay’s exec Fabien Cazes and longtime insurance industry professional Maximilien Dauzet, who together possess over 30 years of experience in the field, according to the startup, Neat has already attracted over 100 customers including Floa Bank, Casino, Maeva, Ecox and grew more than 350% in the number of transactions over the last month.
On the investment Octopus Ventures’ Nick Sando commented, “Individuals and businesses will spend over $80 trillion on insurance over the next decade yet the gap between the level of cover that people have versus need is increasingly widening. Neat recognised this gap in the market and the team have seized the opportunity to offer a solution that actually meets the customer need. With their no-code solutions, expertise and connections in the industry, we believe Neat will be the best-in-class embedded insurance platform and we can’t wait to continue working with the team.”