Insurtech firm Leocare has raised $116 million of Series B funding. While it is still a small player in France, the company will be able to use its latest capital backing to fuel marketing and distribution of its valuable proposition.
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Insurtech firm Leocare has raised $116 million of Series B funding . While it is still a small player in France, the company will be able to use its latest capital backing to fuel marketing and distribution of its valuable proposition.
The French startup, which was founded in 2017, offers home, auto, and motorcycle insurance policies. The company has since made a name for itself in the insurtech industry, by offering policy holders easy access to flexible and data-driven coverage, and the convenience of purchasing and managing all of their insurance needs in one place.
Leocare plans to use a mix of debt and its equity raise to add more insurance lines, starting with bike coverage. The company also has plans to launch in Spain. If Leocare can use its large capital investment to expose its unique offerings to a wider audience, the company may be able to expand into more European markets.
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Leocare's value proposition and breadth of coverage is similar to that of Lemonade—an insurtech company that has successfully expanded across the US. However, Leocare has a user base of about 65,000 users, while Lemonade has over 1 million users, signaling that while Leocare may be meeting consumer demand, it could still have some work to do in terms of scalability.
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