French InsurTech Orus has successfully raised €11m in a Series A funding round, as it looks to provide modular insurance solutions tailored for SMBs across the European market.
The investment was led by Notion Capital and VR Ventures/Redstone and featured prominent backers from the FinTech and InsurTech sectors, along with experienced angel investors, according to tech.eu.
Founded in 2021, Orus initially focused on serving the hospitality sector with tailor-made insurance solutions for restaurant owners. Since its inception, the insurtech company has expanded its offerings to cater to the diverse needs of SMBs, retailers, and freelancers. One of Orus’s standout features is its rapid online onboarding process, which takes just three minutes.
With this fresh injection of capital, Orus is set to embark on an ambitious growth journey. The company plans to double its existing team of 25 professionals within the next year. This expansion will primarily involve hiring tech, insurance, and data experts. Furthermore, the Parisian company intends to launch new and innovative insurance products, continue its scaling efforts in the European market, and is gearing up for market entry in a new territory in 2024.
Orus is dedicated to addressing the insurance needs of SMBs, a segment often underserved by traditional insurance providers. The company offers a new generation of modular insurance solutions that can be easily purchased in real-time, allowing small-business owners to customise their policies and pay only for the coverage they require. Orus is well-positioned to expand into new European markets with the support of this funding round.
Itxaso del Palacio, General Partner, Notion, said, “At present, insurance products are mainly designed for large corporations and don’t satisfy the needs of the SMBs. Orus is providing a new generation of insurance solutions that are modular and can be purchased in real-time, allowing small-business owners to build and pay only for the policies they need. The team has a clear understanding of the distribution channels, and we believe they are well positioned to grow into new European markets with this funding round.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
