French insurtech Akur8 has raised $30 million in a series B funding round led by BlackFin Capital Partners and MTech Capital, with participation from an anonymous Anglo-Saxon fund. Akur8's software automates the generation of insurance pricing models using a machine learning system that focuses on risk, pricing, and optimization. The insurtech has more than 30 clients in 10 countries, including Axa, Generali, and Wefox.
Founded in 2018 by Samuel Falmagne and Guillaume Beraud-Sudreau, Akur8 has quickly expanded, thanks in part to a series A funding round of €8 million ($9.4 million) in 2020 led by BlackFin Capital Partners and MTech Capital.
With this latest funding round, the insurtech aims to accelerate its international expansion, strengthen its position in the United States, establish a presence in the Asia-Pacific region in 2022, and develop its modules for future markets.
BlackFin Capital Partners is a European private equity firm specializing in financial services and technology, while MTech Capital is a venture capital firm focused on insurtech and digital health. Both firms have previously invested in Akur8.
This funding round comes at a time when insurtech investment is on the rise. According to a report by Willis Towers Watson, insurtech funding hit a new record in Q1 2021, with $2.5 billion invested globally. The report also noted that fundraising activity in the insurtech sector was particularly strong in Europe, with a total of $1.2 billion raised in the region.
The demand for innovative insurtech solutions has grown as a result of the COVID-19 pandemic and the ongoing shift towards digitalization in the insurance industry. Akur8's automated pricing model is well-positioned to take advantage of these trends and is likely to continue to attract interest from investors and insurance companies alike.