French road safety scaleup Ornikar has secured an investment of $120m ( €100m) in Series C funding round led by investment firm KKR.
The latest funding round was also joined by the company’s existing investors Idinvest, BPI, Elaia, Brighteye and H14.
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Ornikar is an online driver education platform and training marketplace, with over 1.5 million clients. It forayed into France’s $20bn car insurance market last year by rolling out Ornikar Assurance.
Ornikar, which is now member of a French Tech 120, added 420,000 new users in 2020.
The company currently offers drivers education services in France and Spain, while insurance is offered only in France.
It intends to use the proceeds to expand its business in more markets.
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By GlobalDataOrnikar co-founder and CEO Benjamin Gaignault said: “We are very proud to have KKR join our established investors to support our goal of becoming a global leader in road safety. We have proven the effectiveness, sustainability and flexibility of the model we created, including showing that Ornikar can be replicated outside France.
“Our ambitions are far-reaching and we aim to drive innovations that re-imagine how drivers are trained and insured. KKR is a first-rate investor and will be a huge asset in accelerating our international rollout for training, car insurance, and other driver services.”
Patrick Devine, director at KKR and member of the Next Generation Technology Growth investment team, said: “Ornikar has done a tremendous job creating a great experience for students and driving instructors through engaging online education courses and a well-designed marketplace.
“We are thrilled to invest behind Benjamin, Flavien, and their talented team as they expand internationally and accelerate their insurance offering following the successful launches of Onroad in Spain and Ornikar Assurance.”
Investment in Ornikar is KKR’s third in French technology startup ecosystem. It previously made investments in Ivalua and Fotolia.
Overall, this is KKR’s sixth investment in France over the last 12 months.
