Paris, January 19, 2021 – The neo-insurance company Lovys has just raised 17 million euros in Series A from Heartcore, NewAlpha, Raise Ventures and its historical investors Maif Avenir, Portugal Ventures and Bpifrance. This round concludes a year of growth for Lovys, which reached 20,000 policyholders, a speed record insurtech. It should enable the company to launch in two new European countries thanks to an expanded team. The start-up allows its users to manage simply all their insurance contracts (home, car, smartphone, pets), via a single fully online interface – a major advantage while the insurance industry is disrupted by Covid-19.
The insurtech Lovys has raised 17 million euros, one year after an initial raising of 3.3 million euros in 2019. Lovys’s first investors, Maif Avenir (Ledger, Ulule, WTTJ), Portugal Ventures and Bpifrance, reconfirm their confidence in the company and are joined by the European funds Heartcore (GetYourGuide, Tink, Seriously, Peakon), NewAlpha (Lydia, Digital Insure, Mobeewave) and Raise Ventures (Finfrog, Bergamotte, Bird Office). Lovys will use these funds to accelerate its international development by launching in two European countries in the coming months. The neo-insurance also wants to expand its product portfolio in order to offer protection closer and closer to the lifestyles of new generations.
Launched in 2017 by Portuguese entrepreneur João Cardoso, Lovys allows users to easily manage all their daily insurance needs through a single, 100% online interface. In three years, the startup has developed four products – home, car, smartphone and dogs & cats – designed to correspond exactly to the needs of the younger generation and evolve with their lifestyles. The company, whose customer base doubled in three months in 2020, plans to reach 100,000 policyholders in 2021. It recruited 20 people last year and now has 55 employees.
Covid-19 has shaken up the insurance sector and confirmed the change in consumers’ expectations. They demand dematerialized, fast and tailor-made services. Lovys, which in June 2020 conducted the first study on the relationship between the millenials and insurance, wants to adapt to the younger generations’ lifestyles by offering complementary contracts, adjustable with a few clicks at any time and entirely online.
João Cardoso, founder of Lovys, said : ”I am very proud of my teams and the road we have travelled to get to this A Series. We are working hard to achieve our mission and our efforts are paying off – our number of policyholders is constantly growing and we have found trusted investors who believe in the project as much as we do. This fundraise will allow us to grow further and give us the means to execute our vision: transforming insurance to make it accessible, simple, and transparent.”
“We’ve been thinking about the insurance industry for years. We were seduced by Lovys’ singular “all-in-one”, which in our opinion corresponds to the expectations of
today’s consumers. In 2021, we want to have a single, digital, transparent and cost-effective interlocutor aggregating all our insurance needs. A Spotify of insurance. We were impressed by the dynamism and ambition that João Cardoso brings to his teams. We are delighted to join the adventure.” Yacine Ghalim of the Heartcore investment fund, explained.
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