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European insurtech was backed by 331 individual supporters in 2023 with techstars having the most deals with five.

techstars supported European insurtech such as Sprout.ai, an advanced claims automation machine, and Fluffy, a provider of pet insurance that favours the conscientious.

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The MyCover.ai funding round also included Founders Factory Africa and techstars, who are making another investment after its involvement in the 2022 Toronto Accelerator programme.

The insurtech will use this capital injection to bolster its in-house operations and technology talent, as well as invest heavily in its proprietary technology and expand into more African markets.

Founded in 2021, MyCover.ai aims use the funding to cover the pain points in the African insurance market. This includes lack of access, poor coverage, unaffordability, and bad customer experience.

This is according to research from InsurTech Analyst which also found that the sector actually declines in terms of volume and price of the deals throughout the year.

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Furthermore, the UK was top with 46 deals in 2023. This was a 37% share of the overall total across European insurtech.

Benjamin Deplus, principal in the Venture Team at Breega, said: “In 2023, the insurtech sector matured significantly. Numerous companies within the industry secured substantial funding to support their growth initiatives at cost. However, despite the influx of financial support, there was a decline in both the number of deals and overall investment due to challenges stemming from inadequately automated technologies.”