Evy, a French pioneer in next-generation product protection, has snapped €6.5 million in funding. The investment came from Sequoia (which backed WATI and Statsig), La Famiglia VC, and Global Founders Capital to revolutionise support for merchants on the European market.
The round also saw participation from renowned angel investors, including Adrien Nussenbaum (Mirakl), Michael Benabou (Veepee), Raphaël Vullierme (Luko), and Xavier Niel. Motier VC, the family office from the family owners of the Galeries Lafayette Group, is also betting on the insurance provider.
UK launch planned for 2023
Evy is currently in the process of extending its services to traditional physical stores in addition to e-retailers and has already deployed successfully in Italy, Spain, and Germany, before a planned launch in the UK in 2023.
“By choosing Evy, our investors have signaled their trust in the effectiveness of our innovative model. It signals that our offering meets a growing demand from retailers who want to supply the best shopping experience to their customers. This funding will allow us to expand our reach in the European insurance market, estimated at 45 billion euros, through the further development of our product protection solution and to increase our recruitment efforts” notes Simon Kemoun, CEO and co-founder of Evy.
“We are excited to partner with Simon, Shana, and Tanguy at the founding of Evy, to redefine the category of product insurance in Europe. Their pan-European partnership with Mano Mano is a testament to the quality of product and trusted experience delivered. We are excited to launch many other merchants across categories and markets in the near future.” said Stephanie Zhan and George Robson, Partners at Sequoia.
Partnership with DIY unicorn!
The Insurtech startup Evy already boasts over a dozen clients, including a pan-European partnership with DIY unicorn ManoMano. It aims to become the insurance champion for all categories of products and services for both online and in-store sales channels. In less than 4 months, Evy has deployed over 25 tailor-made insurance programs for ManoMano in as many categories in four European countries.
Cédric Torossian, Head of Services / New Business & Partnerships at ManoMano said, “Evy allowed us to integrate a complete insurance offering in record time thanks to a deep understanding of our challenges and operational readiness.”
Pioneers product insurance in Europe
Launched in 2022 by Simon Kemoun, Shana Azria and Tanguy Le Stradic in Paris, Evy is an eco-responsible insurance broker, poised to disrupt the world of product protection for retailers operating in Europe by offering an innovative customer experience. While a new generation of product insurers has emerged in the US in recent times, the European market remains relatively untapped.
Evy is a next-generation insurance broker, which is breathing new life into this market by offering an innovative customer experience and wide-spread coverage, including breakage, breakdown, and theft, for both goods and services. The startup aims to offer additional margins to retailers and e-retailers with their flexible insurance solutions, guaranteed by leading insurance partners.
It provides a turnkey product protection solution that can be fully integrated into a merchant’s existing sales channels. Implementation is simple thanks to a library of out-of-the-box components, as well as a robust operating system including claims management and a payment gateway.