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June 27, 2019updated 28 Jun 2019 1:55pm

Belgian insurtech Qover raises fund to speed up expansion in Europe

Belgian insurtech start-up Qover has raised €8m ($9.1m) in a funding round led by Alven and Portag3 Ventures to speed up expansions in the European market.

Anthemis, which invested during the Series A funding round, also participated in the latest round.

The company intends to invest the proceeds in selected verticals, including on supporting insurers via turnkey solutions for their digital acquisition channels.

Qover was established by Quentin Colmant and Jean-Charles Velge in 2016 to provide insurance products through open APIs and white-label front-ends.

Qover said that insurance carriers can roll out  non-life insurance plans in any European country in just six weeks using its proprietary insurance infrastructure.

At present, Qover’s insurance offerings have been purchased by approximately 50,000 individuals across eight countries in Europe.

Qover co-founder Jean-Charles Velge said: “We operate at the crossroads of technology and insurance and it’s our mission to be the partner of choice of every business looking for digital insurance.

“This funding will allow us to accelerate our European development and investment in R&D and cutting-edge technology.”

Qover plans to continue investing on digital and insurance research and development and its commercial deployment.

The company is also planning to expand its existing team with the appointment of engineers, product managers, project managers and business developers.

Portag3 Ventures partner Hélène Falchier said: “Qover’s impressive track record and ambitious growth plans made investing in this team an appealing proposition.

“They have a clear idea of where they want to go and as rising stars in the European digital insurance space, we look forward to leveraging our expertise and network to help them reach new heights.”

In January, Qover announced plans to open an office in Paris, France as part of its global expansion strategy.

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