Italy-based InsurTech platform YOLO has reportedly closed a €1m funding round led by Barcamper Ventures.
Other contributions to the round came from investors including Miro Ventures and Mansutti, according to various reports in the media.
YOLO is a short-term insurance platform helping a consumer to protect a range of aspects in their daily life in on-demand cover. The platform lets users pick the times they wish the insurance to cover, setting a start and end time for the policy.
The offering supports a range of policies from items, people, health and travel. Some of the products available include cover for electronics, instruments, bikes, sport, bills, holiday, veterinary, dentist, medicine, national trips and school trips, among others.
Following this investment, YOLO is already expecting to hit a total of €6m within the next 12 months, to help with the European launch strategy, the articles said. The equity raised over the next year will also help the company to develop its technology, increase marketing, boost resources and help with collaboration with insurance groups, they state.
The European InsurTech sector has seen a two-quarter fall in funding, with Q3 of 2017 only seeing $15m deployed, in comparison to the opening quarter, which bagged $90m.
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