Insurtech Setoo secures €8m funding from AXA

Setoo, a London-based insurance and protection-as-a-service company, has closed an €8 million Series A funding round with AXA’s insurtech startup studio Kamet.

Setoo is licensed by the Financial Conduct Authority (FCA) to distribute products on behalf of insurers in the EU. It helps e-businesses provide tailored services to their consumers through its digital platform.

Setoo has raised a total of €10.3 million funding to date, and intends to use the latest investment for expansion across Europe.

"This investment from Kamet is key to helping us expand across the EU and build further new products to empower more businesses to take control of insurance for their consumers,” said Noam Shapira, Setoo’s co-CEO.

Guillaume Borie, AXA chief innovation officer, said: “Our investment in Setoo supports AXA’s strategy to build more impactful insurance platforms as one of our four key priorities for innovation and to become a partner for the end customer.”

“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,” Borie added.

If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.

More of today's news

SCOR rumoured to face new takeover approach by Covéa

Tokio Marine Kiln hires Novae CFO as Dover departs

Hurricane Florence insured loss estimated at $2.5bn

Marsh acquires JLT for $6.4bn

FedNat estimates Hurricane Florence loss at $4m

Chubb appoints new reinsurance officer

Hurricane Florence to expose gaps in flood insurance

Ascot MGA Ethos appoints new CEO

Thomas Miller acquires MGA operations

Don't miss our insurtech email newsletter - sign up today