Flitter raises €3.5 million

French insurance startup Flitter has raised €3.5 million in a funding round led by Helvetia Venture Fund, with participation from Frenchfounders and others.

Founded in 2020, the Paris-based startup offers pay-per-mile car insurance and it claims to have attracted over 30k policyholders since going live 18 months ago.

Flitter offers coverage in partnership with Wakam.

“18 months ago, we started from scratch to build a more efficient insurance model, tailored to the mobility needs of today. Our goal has always been to create a profitable company, by innovating while keeping an eye on costs. This new round, and the support from insurance experts like Helvetia, will allow us to continue our steady growth and reach profitability by the end of 2024.” – Jérémy Steinberg, co-founder and CEO of Flitter.

“Car insurance is a €150 billion market in Europe, but few new players have positioned themselves to innovate against traditional incumbents, and none have managed to build a profitable model. Flitter’s model is well-positioned to succeed in this challenge and become one of the first insurtechs to achieve profitability while maintaining sustained growth.” – Michael Wieser, partner of Helvetia Venture Fund.