Brussels-based insurtech startup Qover announced in April 2021 that it has raised nearly €20.7 million in a Series B funding round led by Prime Ventures and Cathay Innovation. Existing investors Anthemis and Alven have also participated in the funding round.
The latest round brings the startup’s total funding to over €35.6 million raised to date.
The startup will use the proceeds from the funding round to fast-track its development in Europe and worldwide. It will mostly focus on hiring business development and marketing talent to accelerate customer acquisition and sales.
About the startup
Qover was founded in 2016 by Quentin Colmant and Jean-Charles Velge. The startup designs, builds, and distributes digital insurance solutions across Europe to help fast-growing companies. It aims to open up new frontiers for the insurance sector, a sector often characterized as outdated and conservative with limited capacities for a thoughtful transformation.
Qover recorded significant growth in the past year and has also recently partnered with unicorn Revolut (London-based Fintech Company that provides banking services).
Statements from the stakeholders
CEO Quentin Colmant said digital-native players are increasingly coming up to Qover to help them fast-track their growth and he feels this is just the beginning. They are on a mission to connect all the platforms to their fully embedded insurance solution. He added that the new fund will boost their ability to respond to the needs of an exploding market and continue to innovate in providing uninterrupted digital experiences.
Co-founder Jean-Charles Velge said they have built a powerful Open-API platform and found the right team to leverage the high value of embedded insurance. He added that together they are bringing the much-needed innovation to the insurance space and now is the right time to accelerate the startup’s growth and expand its business opportunities globally. He was quoted to have said, “We are committed to empowering all digital platforms of the new economy.”
Margaret Perchik, Principal at Prime Ventures said insurance is a stimulating and huge market but one that is outdated and slow to innovate. Qover has built up a technology stack that enables them to launch and embed almost any insurance product and deliver it across borders quickly and reliably, making them a trusted partner to both the digital economy and incumbent insurers. He added that the business has seen remarkable growth over the past year, registering multiple customers across a number of high growth domains and they are thrilled to be backing Quentin and Jean-Charles on their journey to scale globally.
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