Belgian InsurTech Qover secures €8 million to accelerate its European development

Published date
June 26, 2019
In a nutshell

Qover, the preferred insurance partner for digital businesses, has raised €8 million in a funding round led by Alven and Portag3 Ventures. Series A investor Anthemis also invested in the round.

In 2016, Quentin Colmant and Jean-Charles Velge launched their pioneering insurance products via open APIs and white-label frontends. Qover’s proprietary insurance infrastructure allows for the launch of non-life insurance products in any European country in just six weeks.

Today, Qover’s insurance products insure nearly 50,000 individuals across eight European countries. The company has also developed thriving partnerships with fellow digital innovators like Deliveroo. Such partnerships continue to grow substantially as well as home, rent and landlord insurance with Axel Springer-owned Immoweb, Belgium's leading real estate marketplace platform.

The new funds will be used to accelerate Qover's growth in select industries, including supporting insurers through turnkey solutions for their digital acquisition channels.

'We operate at the crossroads of technology and insurance', said Jean-Charles Velge, Co-founder of Qover, 'and it’s our mission to be the partner of choice for 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.”

In addition to its commercial deployment, Qover will continue to invest heavily in digital and insurance research and development. Qover is now looking to expand its team and hire top-notch engineers, product managers, project managers and business developers.

Alven is the leading French independent venture investment firm, backing more than 100 startups over the past 18 years.

'Qover’s impressive track record and ambitious growth plans made investing in this team an appealing proposition,' said Hélène Falchier, Partner at Portag3 Ventures. 'They have a clear idea of where they want to go, and as rising stars in the European digital insurance space, we look forward to leveraging our expertise and network to help them reach new heights.'