Leocare, a 100% digital neo-insurance provider, has raised $110 million in a funding round led by Eight Roads, along with its existing investors Felix Capital, Ventech, and Daphni. The financial due diligence for this transaction was carried out by 2CFinance's Transaction Services.
Founded in 2017, Leocare offers multi-equipment insurance contracts for homes, cars, motorcycles, and smartphones. It also offers the flexibility to customize its guarantees, tariffs, and deductibles according to the customers’ requirements.
The funding will be used to expand the brand, maintain a high level of service and innovation, and increase its headcount from 80 to 150 by the end of 2022.
Eight Roads is a global venture capital firm that invests in innovative and entrepreneurial businesses. Felix Capital is a London-based venture capital firm that invests in digital lifestyle brands. Ventech is a venture capital firm that supports start-ups in Europe and China. Daphni is an early-stage venture capital firm that invests in European technology start-ups.
Leocare's successful funding round is a testament to the growing demand for digital insurance services. The COVID-19 pandemic has accelerated the shift towards digital services, and the insurance industry is no exception. Leocare’s 100% digital approach has enabled it to capture a significant share of the market and attract investors. The funding will enable Leocare to continue to innovate and grow, providing customers with the flexibility and convenience they demand.