France-based social security insurance provider Apicil has joined a subsidiary of real estate services group Reech Corporations to launch a €10m ($11.3m) fund targeting insurance technology developers.
Reech Corporations will participate through its private equity and venture capital division, Odysseus Alternative Ventures (OAV).
The vehicle, dubbed Insurtech Capital I, is targeting seed and series A-stage companies based in France and elsewhere in Europe developing emerging insurance technologies, business models and forms of insurance delivery.
Insurtech Capital I’s investments will be sourced through a semi-automated system owned by OAV, drawing on a database of businesses mainly focusing on specific insurance-related issues such as digitalisation.
Portfolio companies will gain access to OAV’s networking contacts, resources and expertise, and the fund could eventually grow to include commitments from insurers in Germany, Switzerland, the Netherlands and the UK.
Philippe Barret, director general of Apicil, said: “We are delighted to announce this partnership with OAV, which will transform our business.
“This fund will enable us to participate actively in the growth and development of the startup ecosystem in France and across Europe. We will also gain the ability to benefit as a company from the disruptive transformation sweeping our industry.”