27 April 2021Insurance

Insurtech Qover raises $25m with Prime Ventures as lead investor

B2B Insurtech Qover has raised $25m with Prime Ventures as lead investor, backed by Cathay Innovation. Existing investors Anthemis and Alven have also participated in the funding round. This new investment brings the company's total investment to $43m.

The Series B financing follows a year of significant growth and momentum for the Insurtech. This announcement also comes after the company’s recent partnership with unicorn Revolut.

The new funds will be used to accelerate the company’s development in Europe and worldwide. The focus will be on recruiting business development and marketing talent to speed up customer acquisition and sales.

“Digital-native players are increasingly looking to Qover to help them accelerate their growth and this is just the beginning,” said Quentin Colmant, CEO and co-founder of Qover. “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.”

Jean-Charles Velge, co-founder of Qover added: “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.”

Margaret Perchik, principal at Prime Ventures, said: “Insurance is an exciting and massive market but one that is traditional and slow to innovate. Qover has built up a technology stack that allows them to launch and embed almost any insurance product and offer it across borders quickly and reliably, making them a trusted partner to both the digital economy and incumbent insurers. The business has seen phenomenal growth over the past year, signing landmark customers across a number of high growth verticals and we are thrilled to be backing Quentin and Jean-Charles on their journey to scale globally.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Alternative Risk Transfer
26 April 2021   For those seeking shelter in times of economic volatility, catastrophe bonds offer plenty of diversification. Twelve Capital’s Florian Steiger discusses how this is leading to a boom in interest in the sector.
Insurance
26 June 2019   Belgian insurtech Qover has secured €8 million investment from Alven, Portag3 Ventures, and Series A investor Anthemis to accelerate its European development.