- Belgian insurance tech startup Qover has raised $30 million in Series C funding.
- Qover, founded in 2016, offers embedded insurance products to companies like Revolut and Deliveroo.
- Check out the 18-slide pitch deck it used to raise the fresh funds below.
Belgian insurance tech startup Qover has raised $30 million in a Series C funding round.
The Brussels-based company, founded in 2016, has developed a range of embedded insurance products with food delivery business Deliveroo and fintech giant Revolut among its biggest customers.
Qover has moved beyond customer-specific partnerships to offer a variety of integrations for businesses via its API platform by targeting sectors like e-commerce, motor, fintech, and the gig economy.
The startup has performed strongly in recent years but the subsequent downturn in the tech market in 2022 had an impact on the wider insurance space making conditions more challenging, CEO Quentin Colmant told Insider.
“2022 was pivotal for our business because VC funding slowed down, metrics changed and we have a strong exposure to VC-backed companies,” Colmant said. “A few major partnerships that we signed went bankrupt or failed so we went full speed into diversifying our revenues.”
The wider insurance tech space is down 50% year-on-year in 2023, according to Dealroom data, amid a slowdown in VC funding but Colmant said the company’s focus on building strong tech and infrastructure made the business stand out.
“We were not in a situation where we needed to raise money and we made sure we had enough cash for full profitability and beyond,” he added. “But we don’t know what will happen in the current environment and we wanted a buffer. The VC world is dead and they are scared by the environment so we were looking for patient capital.”
The Series C funding round came from investors including Anthemis, Alven, Kreos Capital and Zurich Global Ventures at an increased valuation. Qover declined to comment on its new valuation. The company has also just announced a new partnership with UK fintech bank Monzo, adding to its deals with Monese and French unicorn Qonto.
New capital will go towards modestly increasing the company’s headcount from just over 100 staff currently. Qover could be profitable in 2024 or may decide to push a faster growth agenda, depending on the market, Colmant said.
The company last raised a $25 million Series B round in April 2021.
Check out Qover’s 18-slide Series C pitch deck below:
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