Paris-based insurance platform Seyna has announced a €33 million investment round to scale its service to all brokers and merchants in Europe. The record Series A for French insurtech was jointly led by Elaia Partners and White Star Capital. Existing investors, including Global Founders Capital, Allianz and la Financière St James also participated in the round.
The additional capital brings the startup’s total funding to €47 million and provides it with fuel to accelerate its platform deployment. Over 70 insurance brokers and retailers have shifted to the startup to operate their insurance business.
The investment will help the company to increase the software feature set offered to brokers, expand into events and health insurance, and start hosting insurance products from other carriers.
Stephen Leguillon, CEO of Seyna, said: “An insurance broker’s mission is to protect clients as they take risks, enabling people to leap forward with peace of mind. To be successful, brokers need two assets. First, the ability to tailor insurance products to their unique clients’ needs. Second, the software to provide great client experiences and run their brokerage business efficiently. Due to the insurance industry’s outdated technology, brokers are struggling.”
The platform has built a one-stop-shop for brokers, combining insurance products and productivity software on the same platform. It built from scratch a licensed insurance carrier, allowing the platform to create insurance products 36x faster than the industry and carry the risk.
Just two years after launching in 2019, the insurtech now helps them cover 200 000 customers with 700% growth in 2021.