French startup Orus has recently secured an impressive $11.6 million in its Series A funding round. The company specializes in providing insurance products that cater specifically to the needs of small and medium-sized enterprises (SMEs). This news comes on the heels of another successful funding round for Amsterdam-based startup Insify, which raised €10 million a few months ago.
Key Takeaway
Orus, a French insurtech startup, has secured
1.6 million in Series A funding to further develop its insurance products for small and medium-sized businesses (SMEs). The company initially focused on providing coverage for restaurant owners and has since expanded to cater to various industries. With a growing customer base of 5,000 businesses, Orus aims to become a one-stop solution for all insurance needs, looking to upsell their current customers and act as their sole insurance provider.
Expanding Insurance Coverage for SMEs
Orus initially entered the market by offering insurance products tailored to the unique needs of restaurant owners. However, over the past year, the company has expanded its product range and extended its coverage to various industries.
The company currently offers a range of insurance options, including general liability, business owners’ policy, workers’ compensation, health insurance, and will soon introduce decennial insurance. All of these products are targeted towards SMEs, including freelancers, retailers, and other small businesses.
Notion Capital and VR Ventures/Redstone Lead the Funding Round
The recent funding round was spearheaded by Notion Capital and VR Ventures/Redstone. Notably, several investors from the previous round, including Frst, Partech, and Portage, have reinvested in Orus. Other investors joining this funding round include Thierry Daucourt from Axa, Grégoire Rastoul from Leocare, and Albert Malagarriga Fandos from Elma.
A Growing Market for Insurtech Startups
Across Europe, there are hundreds of thousands of small businesses that require some form of insurance before they can commence their operations. While larger companies have numerous options for insurance coverage, startups and SMEs often struggle to find affordable and readily available insurance solutions. This presents an opportunity for insurtech companies like Orus, Insify, Assurup, and Olino, all of which are addressing this market gap.
With a customer base of 5,000 and a growing range of insurance products, Orus aims to become a one-stop shop for all insurance needs within the SME sector. By expanding its product offerings, the company can potentially upsell its existing customers, consolidating their insurance needs under one provider.
As part of its growth plans, Orus intends to double its current team of 25 employees within the next year, underscoring its commitment to providing excellent service and support to its expanding customer base.
