Belgian digital insurer Qover has secured €8m in its latest investment round to support its European development efforts.
Early-stage venture capital firms Alven and Portag3 Ventures led the funding, with capital also coming from its previous backer Anthemis.
Proceeds from the round will be used to boost growth in selected verticals, including supporting insurers through turnkey solutions for their digital acquisition solutions, the company said.
Capital is also being put towards the enhancement of its research and development capabilities and increasing the size of its team. Qover is looking to add to its engineers, product managers, project managers and business developer teams.
The startup’s infrastructure allows the launch of non-life insurance products in any European country within weeks. Currently, its products cover around 50,000 individuals across eight European countries.
Protection available through Qover includes travel, rider, rent, personal accident, income, and home policies.
Partnerships with companies such as Deliveroo and real estate marketplace Immoweb, have helped the company grow across home, rent and landlord insurance verticals.
Qover co-founder Jean-Charles Velge said, “We operate at the crossroads of technology and insurance and it’s our mission to be the partner of choice of every business looking for digital insurance. This funding will allow us to accelerate our European development and investment in R&D and cutting-edge technology.”
The InsurTech closed its former round on €5.5m in 2017, receiving the backing of Anthemis, Belcube, and Callatay & Wouters Ventures.
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