Insurance startup Evy promises better product protection and just brought in $6.4 million from Sequoia. Check out its 10-slide seed pitch deck.
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- Paris-based insurance tech startup Evy has raised $6.4 million in seed funding from Sequoia.
- Founded in 2022, Evy wants to grow the product protection market in Europe.
- Check out the company’s 10-slide pitch deck below:
Evy, a Paris-based insurance tech startup, has raised $6.4 million in seed funding from US investor Sequoia.
Founded in 2022, Evy is the brainchild of Tanguy Le Stradic, formerly of French payments firm Qonto; former Apple software engineer Shana Azria; and Simon Kemoun, formerly of McKinsey.
The startup specializes in product protection insurance but doesn’t work directly with consumers. Rather, the company provides insurance services through a platform used by large retailers or e-commerce sites. Example products it insures include consumer electronics, smartphones, electric scooters, and furniture.
Evy believes there is a gap in the market for retailers to offer more flexible and transparent insurance on items.
“We thought that a product like Apple Care was better than other products in the market, particularly in Europe which is poorly served for insurance,” Kemoun told Insider. “Our belief is that we can offer a better service to clients, more integrations for merchants plus more transparency to the end user than the current European offering.”
Retailers can plug-in Evy’s offering, which includes coverage for things like breakage, breakdown, and theft for goods and services, through sales channels. The company stresses its ecological credentials by prioritizing repairing and recycling products over replacement. The company’s round was led by Sequoia, alongside La Famiglia and Motier VC, plus angels including Mirakl CEO Adrien Nussenbaum, Luko CEO Raphaël Vullierme, and billionaire tech investor Xavier Niel.
Unlike more consumer-facing insurance tech companies, which have struggled in 2022, Evy said its B2B2C model was preferable, since there are no customer acquisition costs and marketing spend is lower. There’s also the ability to upsell retailers who use the platform.
Funding will go towards continued growth in Europe with Evy already operating in France, Germany, Spain, and Italy with expansion to Portugal and the UK next on the agenda, Kemoun said.
Check out Evy’s 10-slide pitch deck below: