French startup Leocare has raised a giant Sequence B funding spherical led by Eight Roads. Total, the corporate has raised $116 million. It’s an fairness and debt spherical, which implies that a part of this quantity is a cash-for-equity transaction, whereas the remaining is a credit score line.
The corporate is elevating at the moment’s Sequence B lower than a 12 months after elevating its Sequence A. And a few of Leocare’s current traders are placing more cash on the desk with the Sequence B, comparable to Felix Capital, Ventech and Daphni.
Leocare needs to deal with all of your insurance coverage wants below a single roof. The startup can insure your property, your automotive, your bike and your smartphone. And it believes customers need to subscribe to new insurance coverage product utilizing a cell app as a result of it’s extra handy and it opens up new options.
As an example, the corporate is engaged on a brand new characteristic referred to as TakeCare. “It’s like Waze, it tells you whenever you’re coming into a high-risk space,” co-founder and CEO Christophe Dandois informed me.
However TakeCare doesn’t warn you about velocity traps. As an alternative, the Leocare app tells you if folks typically find yourself in a automotive incident within the space. Leocare is leveraging street security open information for that characteristic. Equally, in case your neighbor is utilizing your automotive for the weekend, you may add a second driver in a couple of faucets and take away them on Monday.
The startup additionally makes use of information to regulate pricing the place it is smart. As an example, Leocare tracks the channel you’re utilizing to subscribe, appears on the smartphone mannequin you’re utilizing, checks the time of the session, and so on. In different phrases, count on some dynamic pricing.
Whenever you need your insurance coverage to step in, as soon as once more, Leocare needs you to make use of the cell app. You may nonetheless name a cellphone quantity, however most purchasers are already utilizing the app.
The long-term imaginative and prescient is sort of clear as Leocare needs to create a single contract that covers all the things you personal and all the things you repeatedly do. And it is best to be capable of tweak your insurance coverage choices each time you want to. The corporate needs so as to add extra merchandise, comparable to bike insurance coverage — so long as they don’t seem to be one-off insurance coverage merchandise, comparable to journey insurance coverage, it may doubtlessly be coated by Leocare.
And it is smart to mixture all the things as many purchasers find yourself paying twice for a similar factor. As an example, dwelling insurance coverage normally cowl in opposition to theft. That’s why a motorbike insurance coverage may cowl theft exterior of the house as your Leocare dwelling insurance coverage is already taking good care of theft at dwelling.
The corporate at present acts as a managing basic agent and companions with a number of insurance coverage firms. It sells its insurance coverage merchandise below its personal model.
“With this funding spherical, we’ll nonetheless observe the identical mannequin however we’ll additionally add the flexibility to make use of our personal danger provider,” Dandois mentioned. Relying on the insurance coverage product, Leocare may find yourself managing the insurance coverage product from begin to end.
Along with new insurance coverage merchandise, the corporate needs to increase to new markets, beginning with Southern Europe, comparable to Spain. Proper now, Leocare has 65,000 energetic prospects and goals to generate €100 million in income subsequent 12 months.