Adevinta Ventures invests in Lovys’s Series A follow-on funding round
Barcelona and Paris, 20 July 2021 - Adevinta Ventures, the investment arm of Adevinta, today announced its investment in Lovys, an all-in-one B2C digital subscription-based insurance provider in Europe. This is Adevinta Ventures’ first investment in France, in the Fintech and Insurtech sector.
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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&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 company recently launched its international expansion in Spain and Portugal. Lovys will also continue to fine-tune its product offer, by proposing new features such as loan insurance, and to improve its current insurance offerings, particularly in cars and pets. The startup aims to reach 100,000 policyholders across Europe by December 2021.
Founded in 2017 by Joao Cardoso, Lovys provides, on a single digital platform, a complete and simplified insurance protection (housing, car, pets, smartphone and mortgage insurance).
Jordi Iserte, Investment Director at Adevinta Ventures, said: "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.”
Joao Cardoso, Lovys’ founder and CEO, commented: “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.”
“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,” said Jon Soberg, Managing Partner of MS&AD Ventures.
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About Adevinta Ventures
Adevinta Ventures is the investment arm of Adevinta, a global online classifieds specialist operating leading digital marketplaces in 16 countries. Adevinta Ventures invests in fast-growing European startups with the potential to shape the future of marketplaces, (in Series A and Series B). Leveraging Adevinta's top brand positions (e.g. leboncoin, Fotocasa, Subito, Willhaben), Adevinta Ventures adds strong value as a long-term partner to portfolio companies. Current portfolio and key investment areas include proptech (Kodit, Flatfair), future of work (Medwing), mobility (PaulCamper, Bipi) and Fintech. Find out more at Adevinta.com/ventures.
About MS&AD Ventures MS&AD Ventures is the venture arm of MS&AD Group Holdings, the largest insurance conglomerate in Asia and the 8th largest in the world. MS&AD does business across 47 countries and regions worldwide. MS&AD Ventures has a mission to contribute to a vibrant society and help secure a sound future for our world by investing in technology companies that create innovative business models, products and services that help people live better lives.
Created in 2017 by Joao Cardoso, Lovys is the first 100% digital neo-insurance company that offers tailor-made insurance products that meet the needs of new generations and accompany them at every stage of their lives. Lovys offers an all-in-one monthly subscription that allows you to subscribe simply and separately to a whole range of tailor-made insurances: home, smartphone, car, pets, and mortgage insurance. lovys.com
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