Setoo Raises $9.3M Series A From Kamet
London-based MGA Setoo has announced an €8m (±$9.3m) Series A round led by Kamet, bringing its total funding to date to €10.3m (±$12m).
The Setoo platform enables e-businesses to build and integrate tailor-made, simple (think: micro) insurance products that are automatically embedded into the customer journey. This way e-businesses such as e-commerce sites and online travel agents (OTAs) can benefit from one-click underwriting directly on their digital assets.
“Our investment in Setoo supports AXA’s strategy to build more impactful insurance platforms as one of our four key priorities for innovation and to become a partner for the end customer. Setoo’s platform enables digital businesses to create, through automation, new types of insurance that are more relevant to consumers. Drawing on our expertise, Setoo is building a fantastic on-demand platform that will future-proof its clients’ businesses.” – Chief Innovation Office at AXA, Guillaume Borie.
Bottom Line: one more insurtech that doesn’t own its users.