Subscription-based InsurTech closes €3.3m Seed round

Lovys, a monthly insurance subscription platform, has closed a €3.3m Seed round from three investors.

Capital was supplied by MAIF Avenir, the investment fund of the insurance firm MAIF group, and venture firms Portugal Ventures and Plug & Play.

France-based Lovys offers monthly subscription-based insurance products to cover items such as phones, laptops and cameras. The InsurTech works with eight insurers including Altima (MAIF), Generali and La Parisienne.

Protection can be taken out directly through the app, without the need of paperwork and only taking seconds, it claims. The mobile app clearly outlines what the product is covered from and any claim can be carried out online.

The company currently offers insurance cover for home and smartphones, with plans to launch travel and car products in the near future.

Lovys CEO João Cardoso said, “Most French people mistakenly consider insurance as a necessary evil rather than something that can improve their lives.

“Our response is inspired by a social tendency of people to choose a platform for each category of their life – cinema, music, food delivery, etc. Insurance cannot be an exception. This fundraising will help us accelerate our development and become this platform in insurance for the French.”

Prior to this round, the company had closed a €400,000 pre-seed from angel and an acceleration at Techstars.

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