French insurtech company Orus has secured funding of €11m ($11.6m) in its Series A financing round led by Notion Capital and VR Ventures/Redstone.
The company’s existing investors, Frst, Partech and Portage, who backed a prior funding round of €5m, also participated in the latest round.
The financing round was also joined by angel investors Thierry Daucourt (AXA), Grégoire Rastoul (Leocare) and Albert Malagarriga Fandos (Elma).
Orus plans to use the capital to grow its team and expand its modular insurance solutions for small and medium-sized businesses (SMBs) in the European market.
The insurtech company plans to hire tech, insurance and data experts in 2024, thereby doubling its team size.
The fresh proceeds will also introduce new solutions, progress scaling in the region and expand its footprint into a new territory next year.
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Partech principal Alison Imbert said: “We don’t fund projects, but teams.
“This is where Orus stands out with a concentration of talent, an excellent execution and an obsession with customer satisfaction, making it for us the best company to quickly conquer the European market.”
Established in 2021, Orus initially focused on the hospitality sector and providing insurance products for restaurant owners.
The company also delivers solutions to SMBs, retailers and freelancers, with online onboarding taking nearly three minutes.
Notion general partner Itxaso del Palacio said: “At present, insurance products are mainly designed for large corporations and don’t satisfy the needs of the SMBs.
“Orus is providing a new generation of insurance solutions that are modular and can be purchased in real time, allowing small-business owners to build and pay only for the policies they need.”