France-based digital insurance provider Lovys secured €17m ($20.6m) yesterday in a series A round backed by Maif Avenir, the corporate venture capital arm of insurance firm Maif.
The round included state-owned investment bank BPIfrance, NewAlpha Asset Management, Raise Ventures, Heartcore Capital and Portugal Ventures.
Lovys provides a centralised online platform that enables consumers to buy and manage personalised insurance products that cover the home, mobile device, car and pet cover. It has signed up 20,000 policyholders and plans to reach 100,000 in 2021.
The company will use the funding to speed up international expansion and intends to launch in two new European countries later this year.
João Cardoso, co-founder and chief executive of Lovys, said: “This fundraise will allow us to grow further and give us the means to execute our vision: transforming insurance to make it accessible, simple and transparent.”
The company raised $465,000 of pre-seed funding in 2018, before adding $3.7m from Maif Avenir, Portugal Ventures and Plug & Play in July 2019. Its earlier backers also include Partech and Techstars Paris.