Adevinta Ventures backs Lovys's Series A follow-on investment round
Category: #business  By Mateen Dalal  Date: 2021-07-22
  • share
  • Twitter
  • Facebook
  • LinkedIn

Adevinta Ventures backs Lovys's Series A follow-on investment round

Adevinta Ventures, an investment arm of Adevinta, has announced its investment in French insurance service provider ‘Lovys’, marking as its first investment in France in the Fintech and Insurtech sector.

With this investment, Adevinta Ventures, along with Japanese funds MS&AD Ventures, has joined Lovys’ current investors Raise Ventures, NewAlpha, Heartcore, as well as its past backers Maif Avenir, TechStars, Plug&Play, Portugal Ventures, and BpiFrance. The French startup, which has more than 90 workers, had a 70% increase in daily revenues in the first quarter of 2021.

Established in 2017 by Joao Cardoso, Lovys offers a complete and easy insurance protection (housing, smartphone, pets, car, and mortgage insurance) on a single platform.

Investment Director at Adevinta Ventures, Jordi Iserte, said their investment showcases their trust in Lovys and believe that they can solidify their leading European insurtech digital position. Their firm’s culture greatly contributes to Lovys’ rapid growth and reflects the values shared by Adevinta.

Lovys' founder and CEO, Joao Cardoso, said that their Series A funding round already allowed them to expedite their development with 25 recruitments, introduce a new product, and relocate to Spain and Portugal.

The endorsement they have received from two significant funds, Adevinta Ventures and MS&AD Ventures, demonstrate that Lovys solves a substantial problem for policyholders in Europe. Thanks to this additional funding, their primary goal is to become Europe's digital insurance leader in just a few years by developing new products and increasing Lovys' presence in other European countries, said Cardoso.

Jon Soberg, the Managing Partner of MS&AD Ventures, commented that the company emphasizes the development of insurance and how technology may help construct a more sustainable future. They have earlier supported leading American Insurtech, Next and Hippo Insurance, and believe Lovys is incredibly well-positioned to be a prominent competitor across all of Europe. 

Source credit - https://www.globenewswire.com/news-release/2021/07/20/2265310/0/en/Adevinta-Ventures-invests-in-Lovys-s-Series-A-follow-on-funding-round.html

 

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

Ather Energy raises $250 million to stay ahead in competition
Ather Energy raises $250 million to stay ahead in competition
By Mateen Dalal

Electric scooter producer Ather Energy has reportedly secured $250 million in a new funding round. As per reports, the investment round is in its early stages. The company’s goal is to obtain $200 million to $250 million to compete in the EV...

Digital wellness startup Mojorcare bags USD 20 Mn in Series A funding
Digital wellness startup Mojorcare bags USD 20 Mn in Series A funding
By Mateen Dalal

Mojocare, a wellness and health startup has reportedly raised USD 20.6 million in a Series A round of funding which was led by B Capital Group and saw participation from existing investors including Sequoia India’s Surge, Better Capital, and Ch...

Exponent Energy bags USD 13 million in Lightspeed-led Series A funding
Exponent Energy bags USD 13 million in Lightspeed-led Series A funding
By Mateen Dalal

Bangalore-based Exponent Energy has reportedly secured USD 13 million in a Series A funding round which was spearheaded by Lightspeed Venture Partners. The round also saw participation from existing investors such as 3one4 Capital, YourNest VC, and A...