Lovys, a French insurtech startup, has raised €17 million in a series A funding round led by Heartcore, with participation from NewAlpha, Raise Ventures, and existing investors Maif Avenir, Portugal Ventures, and Bpifrance. The company, founded in 2017 by Portuguese entrepreneur João Cardoso, offers a single online interface for managing all types of everyday contracts, including auto, home, mobile phone, and pet insurance. Lovys partners with market reinsurers such as Generali, Wakam, and Swiss Re, and follows a BtoBtoC distribution strategy with players in the real estate, banking, and service platform industries.
The funds raised will enable Lovys to accelerate its international development, expand its product range, and increase the number of insured customers from 20,000 to 100,000 in less than a year. This round of funding was led by Heartcore, a venture capital firm that invests in technology startups across Europe. NewAlpha is a French venture capital firm that specializes in financial technology and supports startups in their early stages. Raise Ventures is a Spanish venture capital firm that invests in early-stage companies in the technology, healthcare, and education sectors.
Lovys' existing investors include Maif Avenir, the innovation and investment arm of French mutual insurance company Maif, Portugal Ventures, a venture capital firm that invests in Portuguese startups, and Bpifrance, the French national investment bank that provides financing and investment support to French companies. The company plans to use the funding to expand its international presence, develop new products, and increase its customer base.