(Courtesy of Leocare)
French digital insurer Leocare has raised €110 million (around €123.9 million) as capital invested in Europe’s insurtech market reaches record levels.
The Series B was led by Eight Roads with existing investors Felix Capital, Ventech and Daphni taking part. Launched in 2017, Leocare offers multiple type of insurance under a single contract, covering homes, cars, smartphones and motorcycles.
Funding for European insurtech startups surpassed €1 billion for the first time this year with deal value totaling €2.43 billion so far—up over 202% from 2020. Six insurtech startups have reached unicorn status since January including car insurer Marshmallow and pet insurance provider Bought By Many.
In 2021, Europe became the second most funded region for insurtech behind the US, accounting for 26.9% of capital invested compared with 15.6% last year. The investment also brings the French startup’s total capital raised this year to $133 million.
