Over 300 buyers supported European insurtech in 2023

European insurtech was backed by 331 particular person supporters in 2023 with techstars having probably the most offers with 5.

techstars supported European insurtech similar to Sprout.ai, a sophisticated claims automation machine, and Fluffy, a supplier of pet insurance coverage that favours the conscientious.

The MyCover.ai funding spherical additionally included Founders Manufacturing unit Africa and techstars, who’re making one other funding after its involvement within the 2022 Toronto Accelerator programme.

The insurtech will use this capital injection to bolster its in-house operations and expertise expertise, in addition to make investments closely in its proprietary expertise and increase into extra African markets.

Based in 2021, MyCover.ai goals use the funding to cowl the ache factors within the African insurance coverage market. This contains lack of entry, poor protection, unaffordability, and dangerous buyer expertise.

That is in line with analysis from InsurTech Analyst which additionally discovered that the sector really declines by way of quantity and worth of the offers all year long.

Moreover, the UK was high with 46 offers in 2023. This was a 37% share of the general whole throughout European insurtech.

Benjamin Deplus, principal within the Enterprise Crew at Breega, mentioned: “In 2023, the insurtech sector matured considerably. Quite a few corporations inside the trade secured substantial funding to help their progress initiatives at price. Nevertheless, regardless of the inflow of monetary help, there was a decline in each the variety of offers and general funding as a result of challenges stemming from inadequately automated applied sciences.”

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