Brussels-headquartered InsurTech Qover has closed a $25m Series B funding round led by Prime Ventures.
The round also included participation from Cathay Innovation and existing investors Anthemis and Alven. Following this funding round, total investment in the company has come to $43m.
Established in 2016, Qover designs, builds and distributes innovative digital insurance solutions that it makes available over open API across Europe to help fast-growing companies. The company claims more than 800,000 people in Europe are protected by Qover today.
According to Qover, the new funding will be used to speed up the firm development in Europe and globally. In addition, the company aims to recruit business development and marketing talent to accelerate customer acquisitions and sales.
Qover CEO and co-founder Quentin Colmant said, ?Digital-native players are increasingly looking to Qover to help them accelerate their growth and this is just the beginning. Our mission is to connect all the platforms to our fully embedded insurance solution. This new fund will boost our ability to respond to the needs of an exploding market and continue to innovate in providing seamless digital experiences.p>
Prime Ventures principal Margaret Perchik added, ?Insurance is an exciting and massive market but one that is traditional and slow to innovate. Qover has built up a technology stack that allows them to launch and embed almost any insurance product and offer it across borders quickly and reliably, making them a trusted partner to both the digital economy and incumbent insurers.
?The business has seen phenomenal growth over the past year, signing landmark customers across a number of high growth verticals and we are thrilled to be backing Quentin and Jean-Charles on their journey to scale globally.p>
Qover recently partnered with UK challenger bank Revolut to help launch the latter upgraded paid plans. Following the alliance, Revolut now offers its customers an embedded insurance solution provided by Qover across Europe.
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