Evy, a France-based InsurTech claiming to offer the “best product protection experience”, has raised €6.6m in funding.
According to a report from Tech Funding News, the investment came from Sequoia (which backed WATI and Statsig), La Famiglia VC, and Global Founders Capital.
The round also saw participation from renowned angel investors, including Adrien Nussenbaum (Mirakl), Michael Benabou (Veepee), Raphaël Vullierme (Luko), and Xavier Niel. Motier VC, the family office from the family owners of the Galeries Lafayette Group, is also betting on the insurance provider.
Launched in 2022 by Simon Kemoun, Shana Azria and Tanguy Le Stradic in Paris, Evy describes itself as an eco-responsible insurance broker, poised to disrupt the world of product protection for retailers operating in Europe.
The company plans to reinvent product protection by offering an innovative customer experience.
Evy offers coverage including breakage, breakdown, and theft for both goods and services. The startup aims to offer additional margins to retailers and e-retailers with their flexible insurance solutions, guaranteed by leading insurance partners.
Evy is currently in the process of extending its services to traditional physical stores in addition to e-retailers and has already deployed successfully in Italy, Spain, and Germany, before a planned launch in the UK in 2023.
Simon Kemoun, CEO and co-founder of Evy, said, “By choosing Evy, our investors have signaled their trust in the effectiveness of our innovative model. It signals that our offering meets a growing demand from retailers who want to supply the best shopping experience to their customers.
“This funding will allow us to expand our reach in the European insurance market, estimated at €45bn euros, through the further development of our product protection solution and to increase our recruitment efforts”
Earlier this year, French digital insurance brokerage +Simple closed a growth financing round on €90m, which was led by global investment firm KKR.
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