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February 25, 2021

French insurtech startup Zelros raises $11m to foray into North America

French insurtech startup Zelros has closed an $11m Series A financing round as it seeks to expand its operations to North America.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
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by GlobalData
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The round was led by Silicon Valley-based BGV. New investors ISAI Cap Venture and Plug and Play, and existing backers ISAI Cap Venture and Plug and Play also participated in the round.

The latest fundraising follows a $5.5m seed round in 2018, increasing its total funding to date to $16.5m.

Zelros plans to launch the company’s Montreal-based North American headquarters in the third quarter of this year. The plan also includes hiring five full-time employees at the location by the end of 2021.

Besides foraying into North America, the company plans to use a portion of the proceeds to further scale up its operations across Europe.

Founded in 2016, Zelros is a B2B independent software vendor that focuses on developing AI-driven solutions for insurance sector.

The company’s AI business platform provides insurers and policyholders with a fluid and personalised way to distribute and receive products and services.

According to the company, Zelros software reviewed more than 20 million policyholder-specific situations and issued around two million personalised recommendations last year.

Zelros co-founder and CEO Christophe Bourguignat said: “Digital transformation is fundamentally changing how businesses operate, and with insurtech funding reaching an all-time high of $7.1 billion in 2020, the insurance industry is no exception.

“At Zelros, we focus one hundred percent of our attention on developing AI-driven technology to improve and advance the insurance industry. We’re passionate about helping insurance players transform into technology-first companies, and the support of BGV, Capgemini, and all of our investors will empower us to accomplish our mission.”

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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