Belgian InsurTech Qover secures EUR 8M to accelerate its European development

Qover, the preferred insurance partner for digital businesses, announced today it has raised EUR 8M 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 pioneered change by offering insurance products via open APIs and white-label front-ends. Qover’s proprietary insurance infrastructure allows for the launch of non-life insurance products in any European country in just six weeks and today, Qover’s insurance products insure nearly 50,000 individuals across eight European countries. The company has also developed thriving partnerships with other digital innovators such as Deliveroo, and such partnerships continue to grow substantially as well as home, rent and landlord insurance with Axel Springer-owned Immoweb, the leading real estate marketplace platform in Belgium.

The new funds will be used to accelerate its growth in selected verticals, including supporting insurers through turnkey solutions for their digital acquisition channels.

Jean-Charles Velge, co-founder of Qover, said: “We operate at the crossroads of technology and insurance and it’s our mission to be the partner of choice of 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, and it has backed more than one hundred start-ups over eighteen 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.”