French InsurTech + Simple Snags $98M
French InsurTech +Simple has brought in 90 million euros ($98.2 million) and acquired three European companies to expand its platform, which operates as an insurance robo-broker for freelancers and small and medium-sized businesses, according to a report from EU-Startups.com on Friday (March 11).
Global investment firm KKR led the fundraising for +Simple, with participation from +Simple founders Eric Mignot, Anthony Jouannau and Salah Hamida, as well as its existing investors, including Eurazeo, Speedinvest and Tikehau Capital.
The funding will be used to fuel +Simple’s continued expansion and help it consolidate the insurance industry across Europe.
The technology behind the +Simple platform generates personalized questionnaire-based insurance packages, the report says.
“KKR’s expertise in the global insurance industry and its track record of growth investing make it ideally placed to support our development,” said Mignot. “Our ability to raise debt with a player such as Tikehau demonstrates confidence in our strategy of generating strong growth and profitability.”
In addition to the new capital, +Simple acquired three companies to strengthen their presence in specific sectors: the French company Alians, the German company Carl Rieck Ascuradeur and the Italian underwriting agency Marintec.
Related: InsurTech Vitesse Closes $26M Series B Funding
UK-based FinTech Vitesse secured $26 million in Series B funding last month, saying it would use the funds to better connect with the growing digitalisation of the insurance industry in Europe and in the USA. The company will also use the money to invest in new products and customer service.
Vitesse said its payment network is available in 172 countries and territories and serves more than 72% of the London insurance market.
In January, London-based InsurTech cycling startup Laka secured more than 10.6 million pounds ($12 million) to advance its insurance model, and Zego, the commercial motor insurance company based in UK, announced European expansion.