Qover, a Brussels-based insurtech startup that builds API-first insurance solutions, has raised $25M (approx €20.7M) in its Series B round of funding led by Prime Ventures and backed by Cathay Innovation. Besides, existing investors, including Anthemis and Alven have also participated in this round.
The funding follows Qover’s growth after the insurtech announced its recent partnership with unicorn Revolut. Including this round, the company has now raised a total of $43M in funding to date.
Funds for development
The proceeds from this round will be utilised to accelerate the company’s development in Europe as well as expand its services globally. Qover’s focus will be to increase its headcounts in the business development and marketing roles in order to speed up customer acquisition and sales.
Quentin Colmant, CEO & co-founder of Qover, says, “Digital-native players are increasingly looking to Qover to help them accelerate their growth, and this is just the beginning. Our mission is to connect all the platforms to our fully embedded insurance solution. This new fund will boost our ability to respond to the needs of an exploding market and continue to innovate in providing seamless digital experiences.”
Insurance for the digital revolution
Founded in 2016 by Jean-Charles Velge and Quentin Colmant, the Belgium-based Qover designs, builds, and distributes digital insurance solutions globally to help fast-growing companies.
It offers multiple types of insurance for rent guarantee, travel, rider liability, accident, and more. The company features digital insurance infrastructure for offering insurance quotes and contracts through insurance API. Users can access their own dashboard, manage portfolios, and monitor statistics.
Jean-Charles Velge, co-founder of Qover, explains, “We have built a powerful open-API platform and assembled the right team to leverage the high value of embedded insurance. Together we are bringing the much-needed innovation to the insurance space. Now is the time to accelerate our growth and expand our business opportunities globally. We are committed to empowering all digital platforms of the new economy.”
Qover is currently operating in sectors including the gig economy, soft mobility, travel, and PropTech. The company is currently active in more than 32 countries and covers more than one million people across Europe. Its long-standing partners include renowned companies such as Deliveroo, Revolut, Wolt, Decathlon, Cowboy, and Immoweb, among others.
A brief about the investors
Prime Ventures is a venture capital firm focused on backing European growth-stage technology companies. With €750M committed capital, in the last 20 years, the firm has invested in over 50 companies, including GlobalCollect, Takeaway.com, Mendix, iwoca and Meero. The firm currently has offices in The Netherlands and the UK.
“The business has seen phenomenal growth over the past year, signing landmark customers across a number of high growth verticals,” says Margaret Perchik, Principal at Prime Ventures.
As for Cathay Innovation, it is a global venture capital partnership firm, created in affiliation with Cathay Capital, investing in startups across North America, Latin America, Europe, Asia and Africa. As a multi-stage fund with over $1.5B assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation claims to partner with visionary entrepreneurs and startups impacting the world through technology.
Qover’s past developments
In January 2019, the insurtech startup had announced that it was opening up a new office in Paris, France. Back then, France was witnessing an increase in the number of independent workers, which led the company to an exponential year-on-year growth of over 400 per cent, hence the expansion.
Also, in the same year, 2019, the company had raised €8M in funding to offer ‘Insurance-as-a-Service’ to every digital business and later, after two months, the insurtech partnered up with Cowboy, a Belgium-based company that develops innovative electric bikes for urban riders.