Paris-based Evy, a startup that distributes an affinity insurance solution to allow users insure certain product(s) purchased from sellers, announced that it has raised €6.5M in a fresh round of funding.
Simon Kemoun, CEO and co-founder of Evy, says, “This funding will allow us to expand our reach in the European insurance market, estimated at €45B, through the further development of our product protection solution and to increase our recruitment efforts.”
Investors in this round
The investment came from VC fund Sequoia, La Famiglia VC and Global Founders Capital.
Stephanie Zhan and George Robson, Partners at Sequoia, say, “We are excited to partner with Simon, Shana, and Tanguy at the founding of Evy, to redefine the category of product insurance in Europe. Their pan-European partnership with Mano Mano is a testament to the quality of the product and the trusted experience delivered. We are excited to launch many other merchants across categories and markets in the near future.”
The round also saw participation from renowned Angel investors, including Adrien Nussenbaum (Mirakl), Michael Benabou (Veepee), Raphaël Vullierme (Luko), and Xavier Niel. Motier VC, the family office of the family owners of the Galeries Lafayette Group, also joined in on this round.
Product protection for e-commerce and retailers
The US has lately seen the emergence of a new generation of product insurers, but the European sector is still mostly untouched. Few merchants provide product protection – only industry titans like Darty and Fnac offer such services. Currently, more than 75 per cent of the 100 largest French merchants do not provide product protection. This is where Evy steps in.
Launched in 2022 by Simon Kemoun, Shana Azria, and Tanguy Le Stradic, Evy is an insurance broker that offers product protection solutions for goods and services such as extended warranties, damages and theft. Additionally, the insurtech company provides global offers through leading insurance partners such as SwissRe and the French insurer Wakam.
Evy also aims to offer additional margins to retailers and e-retailers with their flexible insurance solutions, guaranteed by leading insurance partners. It already boasts over a dozen clients, including a pan-European partnership with DIY unicorn ManoMano.
The startup mentions in a statement that it emphasises repairs over product replacement as part of its commitment to more responsible consumer use, a strategy made feasible by the company’s wide network of repairers.
Currently, Evy is in the process of extending its services to traditional physical stores in addition to e-retailers, and has already deployed in Italy, Spain, and Germany, before a planned launch in the UK in 2023.
What does Evy offer merchants and customers?
Evy offers a fully integrated turnkey product protection system that can be added to a retailer’s current sales channels. An operating system with claims administration and a payment gateway, as well as a library of pre-built components, make implementation straightforward.
Kemoun says, “Our solution is a considerable growth driver for merchants who adopt it but also increases customer loyalty. Users benefit from a first-class service that gives them peace of mind from the moment of purchase. At Evy, we are also committed to a CSR-first approach by facilitating product repairs over their replacement, by developing additional services such as buyback, recycling or reconditioning.”
Evy has launched more than 25 custom insurance policies for ManoMano in as many categories across four European countries in less than four months.
Customers who use the Evy system have access to one or more affinity insurance products, an after-sales service, and a dedicated user dashboard via an identifier selected at the time of subscription to the insurance product, during a purchase from a seller.
The dashboard specifically enables users to handle transactions with the seller and Evy, track their progress, make claims, follow their management, and, if required, have the damaged goods repaired, replaced, or reimbursed.
