Neat secures $55M Series A round to expand embedded insurance solutions
Neat, the Paris-based insurtech startup, has announced the successful closure of a €50 million Series A funding round. Mundi Ventures, already an investor in the previous round, increased its commitment to Neat and its particular bet on Embedded insurance. The funding will accelerate Neat’s mission to expand its embedded insurance platform, enabling businesses to seamlessly integrate tailored insurance products into their offerings.
The company’s platform focuses on embedded insurance contracts linked to other products or services, such as smartphone insurance for accidental drops, travel insurance, or extended warranties for household appliances. Retailers can offer these insurance products to their customers and earn commissions, while outsourcing the complexity of managing and selling insurance to Neat. Neat, in turn, collaborates with insurance and reinsurance companies, acting as a managing general agent and handling product creation, rates, and policies, while transferring risk to its partners.
Co-founder and CEO Maximilien Dauzet remarked, “In our business, we say that we hold the company’s checkbook, meaning we create our own rates and policies, but outsource risk to insurers and reinsurers that trust us.” With its approach, Neat has the freedom to independently design insurance products, thanks to its compliance and actuarial teams. This enables the company to offer a diverse range of customizable insurance solutions to a wide array of partners without depending on traditional insurance structures.
Neat’s diversified risk profile stems from its ability to cover 10 verticals, including partnerships with well-known brands such as Floa, Pierre et Vacances, Afflelou, and Krys. These companies bundle insurance with payment cards or offer insurance products as add-ons in both online and retail environments. Neat’s broad approach allows it to mutualize risk across sectors and benefit from technical synergies, according to COO Fabien Cazes.
With over 1,500 distribution partners, Neat has sold more than 1 million insurance products, solidifying its position as a leader in the embedded insurance space. The company’s ability to create a wide variety of insurance products not only sets it apart from brokers using legacy systems but also aligns its goals with both policyholders and distributors.
Mundi Ventures’ continued investment underscores its belief in Neat’s innovative technology and its potential to reshape the insurance industry. Mundi Ventures sees Neat as an essential player in streamlining the entire insurance value chain, bringing transparency, efficiency, and alignment of interests between stakeholders. Alongside Mundi Ventures, other investors in the round include lead investor Hedosophia, ETFS, Athletico Ventures, and existing investors, all of whom share Neat’s vision for transforming insurance distribution and product creation through technology.
This funding round is a crucial milestone for Neat as it prepares to scale operations, expand product offerings, and continue driving innovation in the insurtech space.
About Mundi Ventures
Founded in 2015, Mundi Ventures is a Venture Capital firm headquartered in Madrid with €500 million in assets under management. Mundi Ventures and its team have supported over 60 tech companies worldwide, with a focus on Insurance, Retail, and Deep Tech Technologies.
About Neat
Founded in 2019, Neat specialises in embedded insurance, offering innovative solutions that allow companies to easily integrate insurance products into their customer experiences. Neat combines its expertise in product creation, compliance, and actuarial services with cutting-edge technology to deliver tailored insurance solutions to a broad array of industries.
