Paris-based insurtech startup Flitter raises €3.5 million in funding. Leading players in the tech and insurance industries, such as former Sarenza CEO Stéphane Treppoz, Frenchfounders fund founder Christophe Eberlé, founder of the consulting firm Optimind, Laurent Ritter, co-founder of Voodoo, and Adrien Montfort, co-founder of Sorare, backed the round led by Swiss insurer Helvetia through its Helvetia Venture Fund.
Following a €2.5 million pre-seed round led by Global Founders Capital in January 2022, the startup’s success has both attracted new investors and bolstered the confidence of its original backers.
Flitter hopes to bolster its tech, operations, and customer support teams and grow its workforce to 40 employees with the assistance of this new capital. By 2024, the corporation expects to turn a profit as well.
Jérémy Steinberg, co-founder and CEO of Flitter, said: “18 months ago, we started from scratch to build a more efficient insurance model, tailored to the mobility needs of today. Our goal has always been to create a profitable company, by innovating while keeping an eye on costs. This new round, and the support from insurance experts like Helvetia, will allow us to continue our steady growth and reach profitability by the end of 2024.”
Michael Wieser, Partner of Helvetia Venture Fund, added: “Car insurance is a €150 billion market in Europe, but few new players have positioned themselves to innovate against traditional incumbents, and none have managed to build a profitable model. Flitter’s model is well-positioned to succeed in this challenge and become one of the first insurtechs to achieve profitability while maintaining sustained growth.”
Hajer Gorgi, Jérémy Steinberg, and Arnaud Dumora founded Flitter in Paris, France in 2022 with the objective of reimagining auto insurance for the digital era.
By providing a fully digital insurance product that uses usage-based pricing, offers one of the highest levels of coverage available on the market, has an excellent user experience, and offers first-rate digital customer service, Flitter is constructing an alternative to traditional auto insurance.