Neat, a Paris, France-based startup specializing in embedded insurance, closed a €50m Series A financing round.
The round was led by Hedosophia, with participation from ETFS Capital, Athletico Ventures, Mundi Ventures, New Alpha, Founders Future and Purple.
The company intends to use the funds to strengthen its position in France and accelerate its international development.
Founded in 2022 by Fabien Cazes and Maximilien Dauzet, Neat is an embedded insurance startup that enables merchants to offer their customers innovative insurance products integrated into their offers or sales channels, whether online or bricks-and-mortar. The company offers more than 40 products, including cancellation, theft, breakage, loss and extended warranties in more than 10 industries (bank cards, high tech, home appliances, travel, audio-medical equipment, tools, event tickets, mobility, etc.). The solution does not involve any integration costs for merchants, enabling them to increase their revenues, build customer loyalty and offer a high value-added service.
After less than 2 years in business, Neat has more than 40 employees based in Paris and Bordeaux and has already achieved profitability. Thanks to its ability to cover a very wide range of insurable goods and services in 29 countries and to create tailor-made insurance products, Neat has experienced exceptional growth of 700% over the last year. Neat has more than 1 million customers and 1,500 distributors, including major players such as Floa (BNP Paribas), Alain Afflelou, Pierre et Vacances, Alma, Decathlon travel, Rue du Commerce and Sport 2000.
FinSMEs
11/09/2024