+Simple raises €90 million
European digital insurance brokerage platform +Simple secured €90 million in growth financing led by KKR, with participation from +Simple’s founders, Tikehau Capital and existing investors Eurazeo and Speedinvest. The financing is a mix of debt and equity. The French company is also announcing the acquisitions of two independent brokers – Alians in France, Carl Rieck Assecuradeur in Germany, as well as Marintec, an underwriting agency in Italy.
Founded in 2015, +Simple’s products are tailored for self employed workers and small businesses across France, Germany and Italy. The company acts as a wholesale broker and distributes insurance products via a network of retail brokers, partnerships with insurance carriers and generalist brokers who white label +Simple’s technology, and directly to end customers. The company’s revenues grew by 100% in 2021 following the acquisition of four business: April Entreprise Est, Aleade and S4Y in 2020 and Crealinks in 2019, and the business now has nearly 100,000 customers covering 500 trades across France, Germany and Italy.
“We are privileged to welcome KKR, one of the world’s most respected funds, to the business and believe their expertise in the insurance sector globally and track record in growth investing makes them ideally placed to support our development. Moreover, our ability to raise debt from a player such as Tikehau Capital demonstrates confidence in our strategy and capacity to generate both strong growth and profitability. We are also very pleased to welcome Alians, Carl Rieck Assecuradeur and Marintec to the platform. These complementary operations will allow us to expand our distribution capabilities and better service small businesses and professionals across health, wellness and other specific professions in Europe.” – Eric Mignot, chairman and founder of +Simple.
“We are very pleased to invest alongside +Simple’s management team as they set out on their next phase of growth. +Simple is a leader among digital brokers for small businesses and the self-employed in France and is well-positioned to expand both organically and inorganically across Europe. We have continued to be highly impressed with +Simple’s technology, business model and management team and look forward to supporting their ambitions to accelerate their deployment in a number of European markets.” – Patrick Devine, director at KKR.
“Tikehau Capital is delighted to support +Simple in accelerating its growth projects and profitability. We are grateful to +Simple’s management for placing their trust in us. In addition to arranging a private debt financing solution, Tikehau Capital will become a long-term partner of +Simple, providing it with the means to capitalize on promising opportunities in high-growth markets.” – Laura Scolan, head of private debt for France at Tikehau Capital.