Olino, a French InsurTech startup formerly known as Riskee, has raised €2.2m to develop its embedded insurance product for European SMEs.
According to a report from TechEU, the seed round was led by Newfund, with participation from vertical investment firm Astorya.VC, MCapital and a trio of unnamed angel investors.
Founded in 2021, the Paris-based startup is building an embedded insurance service. The platform is 100% online and is designed to help companies save time and money.
Olino is already available in 15 digital insurance products today, enabling anyone servicing SME customers to integrate insurance offers at some point in the customer on-boarding journey.
The startup also has partnerships in place with the likes of Silvr, Axonaut, and a number of unnamed neobanks.
Dorian JORRY, co-founder and COO of Olino, said, ““Our first year of existence has allowed us to develop our online platform to simplify insurance, and to be identified as an expert in on-board and tailor-made pro insurance.
Quentin FABRE, co-founder and CEO, added, “With this fundraising, we are entering the European on-board insurance market for professionals with the ambition of becoming the benchmark. With this technology, we allow any B2B player to distribute insurance solutions.”
Alan, a Paris-based digital health insurance company, recently raised €23m ($28m) through its Series A financing round.
It brings Alan’s total fundraising amount to €37m ($45m) following the €12m it raised in 2016. Alan said it will use the new funds to bring more users onboard, grow its employees by the end of the year and build services in line with its mission to empower uses to enjoy healthier lives with minimal effort.
Founded in 2016, the InsurTech startup has already covered more than 7,000 people at 850 companies. The company’s aim is to make health insurance as simple as subscribing to a software-as-a-service product.
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