By Roger Baird on 26th June 2019
The firm that covers Deliveroo’s European riders plans to use the cash to improve its technology and expand staff numbers.
Qover, an InsurTech that covers all of Deliveroo’s European riders, has raised €8m as it plans to upgrade its technology and boost its staff.
The Belgian firm, which covers almost 50,000 people across eight European markets since it was founded three years ago.
The business also sells insurance for Belgian-based car and scooter hire firm Poppy, and was one of the first InsurTechs to be accepted by Lloyds of London.
The firm said it will use the cash to “invest heavily in digital and insurance research and development”, adding it will also expand its team of engineers, product managers, project managers and business developers.
‘Crossroads of technology’
The funding round was led by French investment house Alven and Canadian venture capital firm Portag3 Ventures. This investment takes the start up’s total funding to €15m.
Qover was founded by Quentin Colmant and Jean-Charles Velge (pictured, left to right), and sells insurance products via open application programme interfaces and white-label joint ventures.
Jean-Charles Velge, co-founder of Qover, 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 research and development and cutting-edge technology.”
Portag3 Ventures partner Hélène Falchier added: “Qover’s impressive track record and ambitious growth plans made investing in this team an appealing proposition.”