Adevinta Ventures invests in Lovys’ Series A follow-on funding round
Adevinta Ventures, the investment arm of Adevinta, announced its investment in Lovys, a platform offering a range of products such as home, car, pet and smartphone insurance. This is Adevinta Ventures’ first investment in France, in the fintech and insurtech sector.
Adevinta Ventures, alongside Japanese funds MS&AD Ventures, join existing investors Heartcore, NewAlpha, Raise Ventures, and Lovys’s historical investors Maif Avenir, Portugal Ventures, Plug and Play, TechStars, and BpiFrance. The startup, with more than 90 employees, recorded growth of 70% in daily sales in the first quarter of 2021. The additional funding will support Lovys’s partnerships with reinsurers and distributors in key markets in France, Spain and Portugal. The startup recently launched in Spain and Portugal and it aims to reach 100,000 policyholders across Europe by December 2021.
“Our investment demonstrates the confidence we place in Lovys. We believe they can consolidate their leading European insurtech digital position to become a key challenge. Their European and inclusive company culture greatly contributes to Lovys’s rapid growth and also reflects the values shared by Adevinta.” – Jordi Iserte, investment director at Adevinta Ventures.
“Our Series A already allowed us to accelerate our development with 25 recruitments, to launch a new product, and to settle in Spain and Portugal. The vote of confidence we have received from Adevinta Ventures and MS&AD Ventures, two major funds, confirms that Lovys addresses a major challenge faced by policyholders in Europe. Thanks to these additional funds, our objective is to become one of Europe’s digital insurance leaders within just a few years, by developing new products and expanding Lovys’s presence in other European countries.” – Joao Cardoso, Lovys’ founder and CEO.
“MS&AD Ventures focuses on the future of insurance and building a sustainable future through technology innovation. After supporting leading American Insurtech companies like Hippo and Next Insurance, we believe Lovys is extremely well positioned to be a dominant player across all of Europe.” – Jon Soberg, managing partner of MS&AD Ventures.