InsurTech startup Qover raises €7 million for digital insurance infrastructure

Published date
April 17, 2017
In a nutshell

Qover launches 'Insurance-as-a-Service' and goes live with its first motor product.

Belgian insurance technology startup Qover has raised €5.5 million in a Series A investment round led by global leading FinTech VC fund Anthemis. The round follows a seed investment of €1.5 million from BelCube and Callataÿ & Wouters Ventures in April 2016.

Qover operates at the crossroads of technology and insurance, providing a comprehensive library of digital insurance APIs that allow any company to build and sell digital insurance products complementary to their core line of business.

Qover is coverholder of the Lloyd’s of London. The company’s first product, the GAP motor coverage will be available on the Belgian market mid-April. Qover is also building the full motor insurance product line with sliced and on-demand features along with more traditional insurance products. Qover allows all traditional brokers to become more digital.

'Belcube is excited to back a stellar team looking to modernise the insurance sector,' said Grégoire de Streel. 'The industry is at a tipping point, and Qover is on the leading edge.'
'We’ve been working on this for over a year – obtaining the insurance licenses, recruiting a top-notch team and building the digital infrastructure,' said Qover Co-founder Quentin Colmant. 'Our solution is fully scalable across borders, and the Belgian market is an excellent proof of concept before expanding to the rest of Europe.'
'With the money we've raised, Qover will undergo an important scale-up,' added Qover Co-founder Jean-Charles Velge. 'We will massively hire insurance and IT profiles willing to drive innovation and transform the industry.'

About Anthemis: Anthemis cultivates change in financial services by building, growing, and sustaining businesses committed to improving the world. Our deep understanding of markets and models, passion for emerging technology and spirit of collaboration inspire everything we do. By creating fertile ground for entrepreneurs, institutions, researchers, academics, and visionaries to come together, we believe we can solve the financial services world’s most pressing challenges faster, better and for the benefit of all.

About Belcube: BelCube is an investment fund regrouping Jean Guillaume Zurstrassen & Grégoire de Streel (co-founders of Skynet, Keytrade Bank and and Harold Mechelynck & Thierry Pierson (co-founders of Ogone). The fund focuses mainly on FinTech startups with a philosophy of'“investing in people not in projects'. The fund currently has 14 companies in its portfolio.

About Callataÿ et Wouters Ventures: Callataÿ & Wouters Ventures is the venture arm of Callataÿ and Wouters, a leading provider of innovative IT solutions and services to retail, private and direct banks.