Online driving school Ornikar secures US$ 120 million

Ornikar, a Paris (France) based online driving school, announced on 22nd April 2021 that it has raised US$ 120 million in its series C funding round. The round was led by Kohlberg  Kravis Roberts (KKR) along with participation from Idinvest Partners, Brighteye Ventures, H14, Bpifrance and more.

Investors: Kohlberg Kravis Roberts is a New York based global investment firm that manages alternative asset classes. It was founded in the year 1976 by George R Roberts, Henry Kravis and Jerome Kohlberg. Its business model includes many areas including private equity, real estate, hedge funds, capital markets and more. As of 31st December 2020, it had a stunning US$ 252 billion in assets under management and it employed around 818,000 people worldwide.

“Ornikar has done a tremendous job creating a great experience for students and driving instructors through engaging online education courses and a well-designed marketplace. We are thrilled to invest behind Benjamin, Flavien, and their talented team as they expand internationally and accelerate their insurance offering following the successful launches of Onroad in Spain and Ornikar Assurance.”— Patrick Devine, director at KKR.

Purpose of investments: The latest round brings the total funds raised to date by Ornikar to around US$ 175 million. The funds would be utilised by Ornikar to expand its drivers’ education service and car insurance service across Europe.

About Ornikar: 

Ornikar was founded in the year 2014 by Alexandre Chartier and Benjamin Gaignault. As mentioned earlier it is an online driving school that offers a cheaper, faster and efficient way to obtain a driver’s license. It offers a number of driving courses, in-person training sessions with driving instructors and an easier way to book the written and practical examinations.

Ornikar recently launched its car insurance product. In France, the US$ 20 million car insurance market is usually dominated by the big players. But they generally do not offer competitive products to new drivers. Ornikar seeks to tackle this and it claims to be on track to reach 20,000 car insurance users soon.

Coming to numbers, around 1.5 million people have taken its courses to date and another 2 million have used its driving school with a staggering 420,000 customers registering in the previous year itself.

What the CEO has to say:

“In October we noticed that 80% of our new insurance customers were not coming from Ornikar but from social media, Google ads and other outside sources. That’s why we decided to create a new business unit and explore a business as an insuretech”— Benjamin Gaignault, co-founder and CEO of Ornikar.

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