Adevinta Ventures, alongside Japanese funds MS&AD Ventures, join existing investors Heartcore, NewAlpha, Raise Ventures, and Lovys’s historical investors Maif Avenir, Portugal Ventures, Plug&Play, TechStars, and BpiFrance. The startup, with more than 90 employees, recorded growth of 70% in daily sales in the first quarter of 2021.
The additional funding will support Lovys’s partnerships with reinsurers and distributors in key markets in France, Spain and Portugal. The company recently launched its international expansion in Spain and Portugal. Lovys will also continue to fine-tune its product offer, by proposing new features such as loan insurance, and to improve its current insurance offerings, particularly in cars and pets. The startup aims to reach 100,000 policyholders across Europe by December 2021.
Founded in 2017 by Joao Cardoso, Lovys provides, on a single digital platform, a complete and simplified insurance protection (housing, car, pets, smartphone and mortgage insurance).
Jordi Iserte, Investment Director at Adevinta Ventures, said: “Our investment demonstrates the confidence we place in Lovys. We believe they can consolidate their leading European insurtech digital position to become a key challenger. Their European and inclusive company culture greatly contributes to Lovys’s rapid growth and also reflects the values shared by Adevinta.”
Joao Cardoso, Lovys’ founder and CEO, commented: “Our Series A already allowed us to accelerate our development with 25 recruitments, to launch a new product, and to settle in Spain and Portugal. The vote of confidence we have received from Adevinta Ventures and MS&AD Ventures, two major funds, confirms that Lovys addresses a major challenge faced by policyholders in Europe. Thanks to these additional funds, our objective is to become one of Europe’s digital insurance leaders within just a few years, by developing new products and expanding Lovys’s presence in other European countries.”
“MS&AD Ventures focuses on the future of insurance and building a sustainable future through technology innovation. After supporting leading American Insurtech companies like Hippo and Next Insurance, we believe Lovys is extremely well positioned to be a dominant player across all of Europe,” said Jon Soberg, Managing Partner of MS&AD Ventures.