Setoo, an insurance and protection-as-a-service company, has raised €8m in its Series A round.
The seed round was led by AXA’s InsurTech startup studio Kamet. With this new investment, Setoo’s total equity funding has reached €10m.
Setoo provides e-businesses with a solution to create and sell protection tailored to customer needs. E-businesses can utilise the platform to integrate simple insurance products which are automatically embedded with customer journeys.
Industries such as e-commerce and online travel agents can use this to help automatically cover and repay a consumer over issues such as products not being delivered or flight cancelations.
Headquartered in the UK, Setoo uses the Managing General Agent model which means it is licensed by the FCA to distribute products on behalf of insurers in the EU.
This capital injection will be used to support the company’s expansion across the EU and the development of new products.
AXA CIO Guillaume Borie said, “Setoo’s platform enables digital businesses to create, through automation, new types of insurance that are more relevant to consumers. Drawing on our expertise, Setoo is building a fantastic on-demand platform that will future-proof its clients’ businesses.”
Earlier in the year, Kamet made a £4m investment into insurance cover platform Anorak Technologies. The company uses data science and machine learning technology to help consumers in the UK get the correct cover they need.
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