French insurtech Orus has raised €11 million in a Series A funding round. The round was led by Notion Capital and VR Ventures/Redstone and includes Frst, Partech and Portage (who supported its previous €5 million funding round) and angel investment from Thierry Daucourt (Axa), Grégoire Rastoul (Leocare) and Albert Malagarriga Fandos (Elma).
The fresh capital will see the Orus team of 25 double in size in the coming year, hiring tech, insurance and data professionals. It will also launch new offerings, continue scaling in Europe and says it will expand into a new territory in 2024.
"We don't fund projects, but teams. This is where Orus stands out with a concentration of talent, an excellent execution and an obsession with customer satisfaction making it for us the best company to quickly conquer the European market,” says Alison Imbert, Principal, Partech.
Initially targeting the hospitality sector with an insurance product for restaurant owners, the insurtech which was founded in 2021, has since expanded to offer solutions to SMBs, retailers and freelancers – it claims its online onboarding takes just three minutes.
"At present, insurance products are mainly designed for large corporations and don't satisfy the needs of the SMBs. Orus is providing a new generation of insurance solutions that are modular and can be purchased in real-time, allowing small-business owners to build and pay only for the policies they need. The team has a clear understanding of the distribution channels, and we believe they are well positioned to grow into new European markets with this funding round,” says Itxaso del Palacio, General Partner, Notion.
Lead image: via Orus. Photo: Uncredited.