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