Orus, the insurtech founded and headquartered in France, has closed an €11m (US$11.6m) Series A funding round, to both expand its employee base and offer its services to more SMEs/SMBs across European markets.
The round was led by venture capital firms Notion Capital and VR Ventures, with additional funds provided by Partech, Portage, and Frst, all of which supported the insurtech’s previous round of funding.
Orus: Driving growth across Europe
Per its latest funding, Orus plans to more than double its employee base, hiring additional expertise in data, insurance, and tech departments.
As well as expanding its existing offerings in more European markets, granting more smaller businesses access to its service, Orus plans to develop and launch new services amid its expansion.
Côme Dartiguenave, Co-founder and CEO of Orus, says: "We are extremely proud to announce this funding round with Notion, VR Ventures/Redstone, with the participation of Partech, Frst, and Portage. It is a great sign of trust in our execution and in our vision to better protect SMBs.
"This funding round will allow us to expand our team with industry experts, to continue to develop our product, and to empower our distribution channels to build a European leader.”
Founded in 2021, Orus has already evolved past its initial service offering – which targeted insurance for the hospitality sector and restaurant owners – to offering insurance options to SMEs of all types, as well as to micro businesses and freelancers.
The insurtech claims its swift onboarding process of no more than three minutes is a key driver to attracting new customers and expanding its offerings across different industries.
Principal at Orus investor Partech, Alison Imbert, says: "We don't fund projects, but teams. This is where Orus stands out with a concentration of talent, an excellent execution, and an obsession with customer satisfaction making it for us the best company to quickly conquer the European market.”
This sentiment is shared by lead investor Notion’s General Partner Itxaso del Palacio, who adds: “At present, insurance products are mainly designed for large corporations and don't satisfy the needs of the SMBs.
“Orus is providing a new generation of insurance solutions that are modular and can be purchased in real-time, allowing small-business owners to build and pay only for the policies they need.
“The team has a clear understanding of the distribution channels, and we believe they are well positioned to grow into new European markets with this funding round.”
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