InsurTech Qover, which builds the API-first global insurance solution for the new economy, has raised $25M with Prime Ventures as lead investor, backed by Cathay Innovation. Existing investors Anthemis and Alven have also participated in the funding round. This new investment brings the company’s total investment to $43M.
The Series B financing follows a year of significant growth and momentum for the InsurTech. This announcement also comes after the company’s recent partnership with unicorn Revolut.
The new funds will be used to accelerate the company’s development in Europe and worldwide. The focus will be on recruiting business development and marketing talent to speed up customer acquisition and sales.
“Digital-native players are increasingly looking to Qover to help them accelerate their growth and this is just the beginning. Our mission is to connect all the platforms to our fully embedded insurance solution. This new fund will boost our ability to respond to the needs of an exploding market and continue to innovate in providing seamless digital experiences”, stated Quentin Colmant, CEO and Co-founder of Qover.
“We have built a powerful Open-API platform and assembled the right team to leverage the high value of embedded insurance. Together we are bringing the much-needed innovation to the insurance space. Now is the time to accelerate our growth and expand our business opportunities globally. We are committed to empowering all digital platforms of the new economy”, explained Jean-Charles Velge, Co-founder of Qover.
“Insurance is an exciting and massive market but one that is traditional and slow to innovate. Qover has built up a technology stack that allows them to launch and embed almost any insurance product and offer it across borders quickly and reliably, making them a trusted partner to both the digital economy and incumbent insurers. The business has seen phenomenal growth over the past year, signing landmark customers across a number of high growth verticals and we are thrilled to be backing Quentin and Jean-Charles on their journey to scale globally”, commented Margaret Perchik, Principal at Prime Ventures.
- Live in 32 European countries
- 1M people covered
- 95% satisfaction score
- Headquartered in Brussels
As an international pioneer in the insurance industry, Qover designs, builds and distributes innovative digital insurance solutions to help fast-growing companies globally. Its insurance solutions are available in real-time through APIs or white labelling that can be easily and quickly integrated into its partners’ digital platforms. Qover’s long- standing partners include renowned companies such as Deliveroo, Revolut, Wolt, Decathlon, Cowboy, Immoweb and many others. To learn more, please visit www.qover.com.
About Prime Ventures
Prime Ventures is a leading venture capital firm focused on backing the best European growth-stage technology companies. Over the past two decades, the firm has invested in over 50 companies including GlobalCollect, Takeaway.com, Mendix, iwoca and Meero. From its offices in The Netherlands and the UK, the independent partnership manages €750 million in committed capital. To learn more, please visit www.primeventures.com.
About Cathay Innovation
Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of the digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start.
As a multistage fund with over $1.5 billion assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology. To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.