French InsurTech startup Leocare, which strives to simplify insurance for households, has raised $110m in Series B funding.
The funding round was led by international fund Eight Roads and Leocare’s previous investors Felix Capital, Ventech and Daphni.
The InsurTech netted €15m in a funding round in January 2021, backed by Felix Capital, Ventech and Daphni.
Leocare said is has experienced rapid growth this year. This latest funding will allow it to speed up the provision of its “all-in-one” insurance contract: a single contract insurance product for an entire household.
The offer is personalised according to individual profiles but also adjustable at any time by the policy holders themselves, via the application, according to their changing needs. Leocare said it is guided by the motivation to simplify the daily lives of its policyholders.
Moreover, Leocare added that its strategy is to reverse the perception of the insurance model, which is now based primarily on protection.
The InsurTech plans to roll out features that will help reduce claims. This includes TakeCare, a bot which allows Leocare customers to be alerted when they enter in high-risk areas.
In addition, Leocare said it also intends to expand beyond France into other European markets from 2022, starting with Spain.
Christophe Dandois, CEO of Leocare, said, “The year 2021 marks a milestone in development for Leocare. We have succeeded in our bet: the digitisation of services allows consumers to manage their guarantees themselves, in a simple, transparent and, above all, adjustable way and in line with each person’s daily life. We must go further with the ambition of quickly providing the French, and now Europeans, with a single insurance contract and free services for the whole household.”
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