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Insurtech Startup Korint Raises €5M Led by Ventech to Attract More Heavy Hitters in the Insurance Industry
Press release, Paris 5 September 2024
Only 18 months after its first funding round and the launch of its offering, Insurtech startup Korint announces a €5M fundraising led by Ventech as a new investor, with continuing support from 360 Capital. This second round brings the total amount of funding to €7M.
The first round in March 2023 enabled Korint to launch a powerful and innovative “Core Insurance Platform” SaaS that allows insurers and brokers to deploy new insurance products rapidly and massively. This platform is based on an original “event-sourcing” logic engine that manages the entire lifecycle of an insurance contract in real time. Even the most complex cases - like fleet policies with hundred of assets or customers with multiple products - are handled effortlessly by the Korint platform. Moreover, Korint’s cloud-hosting, scalable infrastructure and API-based architecture can easily give its clients flexibility and full control over their product management.
This solution has already attracted renowned players in the industry. Wakam leveraged Korint’s solution for its first insurance product dedicated to insuring employees’ bicycles, while WTW used the company’s SaaS for an automotive breakdown cover for an OEM. Korint also became the digital platform for the brokerage firm Yeet Assurances for their telematics Motor products for gig-economy drivers. More partners signings are expected in the coming weeks.
This new funding round will allow Korint to strengthen its tech and insurance development team to accelerate the development of its platform.
With this funding, the company aims to resolve a series of key problems frequently met in the insurance industry, which is in deep need of a fully digital management tool capable of handling complex B2B insurance policies.
“We were impressed by the technicality of Korint’s solutions. The technologies used can manage the most advanced and innovative insurance products. This is a major competitive advantage. Supporting ambitious and bold entrepreneurs who use technology to advance industries is the foundation of Ventech’s investment thesis. It was a natural choice for us to support Jean-Baptiste, Martin, and their teams!” says Jean BOURCEREAU, President and Managing Partner at Ventech.
“We are delighted to see Korint confirm all the promises we perceived during our first funding 18 months ago. The market’s need for digitalization is clear, and this new round will give them all the means to become the market reference,” concludes Thomas NIVARD, Partner at 360 Capital.
About Korint :
Korint was founded by two insurance experts: Jean-Baptiste Limare, CEO, previous founder of the insurtech companies Veygo and Kooalys, and Martin Gross, CTO and previous founder of CommoPrices and Kooalys.
The insurtech offers a next-generation insurance platform that enables insurers to deploy the best products simply, quickly, and in a scalable way. The Korint platform is designed to manage all P&C (Property and Casualty) products, from the simplest (home insurance or "gadget" insurance) to the most complex (multi-product insurance such as "flexible mobility").
Korint press contact: Marie Ragueneau / marie.ragueneau@16mconseil.fr / +33 6 18 96 62 47.
About Ventech :
Ventech is a global early-stage venture capital firm with a strong digital focus. Founded in 1998, Ventech backs the most innovative and visionary tech entrepreneurs with a global ambition. With its dual structure platform, Ventech has dedicated funds for Europe (Paris, Munich, Berlin & Helsinki) and Asia (Shanghai and Hong Kong).
Since its inception, Ventech has raised over 900M€, and has realized over 200 investments, (including Vestiaire Collective, Passion.io, Ogury, Picanova, Veo, Reveal, Speexx) and over 90 exits (Fintecsystems - acquired by Tink; Believe (BLV.PA) – listed on Euronext; Arteris (AIP) listed on Nasdaq).
For more information, visit www.ventechvc.com
