Korint, a pioneering Insurtech startup, has successfully secured €5 million in its latest funding round, led by Ventech with continued backing from 360 Capital. This Series B round brings the company’s total funding to €7 million. The new investment comes just 18 months after Korint’s initial funding and the rollout of its groundbreaking “Core Insurance Platform.”
Korint’s Core Insurance Platform, launched in March 2023, offers a SaaS solution designed to revolutionize insurance product deployment. It utilizes an innovative “event-sourcing” logic engine to manage the entire lifecycle of insurance contracts in real time. This system efficiently handles complex scenarios, such as fleet insurance with numerous assets or multi-product customer cases. Its cloud-hosted, scalable infrastructure and API-based design provide clients with exceptional flexibility and control over their insurance product management.
The platform has already made significant inroads with prominent industry players. Wakam utilized Korint’s technology for their employee bicycle insurance product, while WTW integrated the platform for an automotive breakdown cover aimed at an OEM. Additionally, Korint became the digital backbone for Yeet Assurances’ telematics motor products tailored for gig-economy drivers. The company anticipates further partnership announcements in the near future.
The latest round of funding will bolster Korint’s tech and insurance development teams, accelerating the enhancement of its platform. The infusion of capital aims to address critical challenges within the insurance sector, which is in dire need of advanced digital management tools capable of handling intricate B2B insurance policies.
Jean Bourcereau, President and Managing Partner at Ventech, expressed enthusiasm for Korint’s technological capabilities: “Korint’s solutions are highly advanced, with the ability to manage cutting-edge insurance products. This technological edge is a significant competitive advantage. Supporting visionary entrepreneurs who leverage technology to transform industries aligns perfectly with Ventech’s investment philosophy. Hence, backing Jean-Baptiste, Martin, and their team was an obvious decision for us.”
Thomas Nivard, Partner at 360 Capital, added: “We are thrilled to witness Korint’s progress and the realization of the potential we saw in their initial funding round. The demand for digital transformation in the insurance market is evident, and this new funding will enable Korint to establish itself as a market leader.”
Korint’s continued growth and technological advancements position it as a formidable force in the insurance tech landscape.
