- Brussels-based insurance startup Qover has raised $25 million in fresh funding.
- The Series B funding round was led by Prime Ventures with participation from Cathay Innovation.
- Qover’s enterprise insurance products are used by companies like Deliveroo and Revolut.
- See more stories on Insider’s business page.
Brussels-based insurance startup Qover has raised $25 million in fresh funding.
The Belgian firm, which was founded in 2016, offers insurance products that are used by the likes of the now-public Deliveroo and fintech unicorn Revolut. The company’s API is an example of embedded finance, a popular trend in European startups that allows its non-banking clients to offer financial services.
In the case of Qover, it enables companies to sell insurance such as travel cover or device protection to their customers as part of a package.
The Series B funding round was led by Prime Ventures with participation from Cathay Innovation.
“COVID-19 been an accelerator for the business and the digital insurance market,” Quentin Colmant, Qover CEO told Insider. “Our product has been growing and the Deliveroo IPO was very good for us, it’s not by chance that investors are interested and for the market the proof is in the pudding.”
The fresh capital will go towards tripling the company’s current 65-person headcount over the next 12 to 18 months as Qover looks to add new verticals to its offering.
“Some of our partners want to expand to new countries so we are starting to think beyond Europe,” Colmant added. “We are growing fast but with more fundraising we can grow faster.”
Existing investors Anthemis and Alven also participated in the funding round bringing the company’s total investment to $43 million overall.
Check out Qover’s Series B deck below: