Paris-based insurtech Flitter secures €3,5 million to expand usage-based car insurance
French insurtech Flitter has just secured a new funding round of €3,5 million. The round was led by Swiss insurer Helvetia through its Helvetia Venture Fund, including backing from prominent figures in the tech and insurance space, including Stéphane Treppoz, ex-CEO of Sarenza, Christophe Eberlé, founder of the consulting firm Optimind, Frenchfounders fund, Laurent Ritter, co-founder of Voodoo, and Adrien Montfort, co-founder of Sorare.
After a pre-seed round of €2.5 million led by Global Founders Capital in January 2022, the startup’s success has reinforced the confidence of its initial investors and attracted new investors as well.
With this fresh funding, Flitter aims to double its team size to 40 and bolster its tech, operations and customer service teams. The company also plans to achieve profitability by 2024.
Over the last 18 months, Flitter has reinvented auto insurance with innovative and tailor-made pay-by-mile car insurance, tripling its base of policyholders to over 30,000 customers in the last year alone
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.”
Flitter is building an alternative to traditional car insurance by offering a wholly digital insurance product that utilizes usage-based pricing and provides one of the highest levels of coverage in the market with a great user experience and superior digital-first customer support. Capitalizing on changing consumer habits and mobility needs of French households, the company can deliver up to 50% in savings per year for its customers with its usage-based product, which has helped Flitter gain traction in a crowded and highly competitive market.
Founded in 2022 by Hajer Gorgi, Jérémy Steinberg, and Arnaud Dumora in Paris, France, Flitter is on a mission to reinvent auto insurance for the digital age. In just 18 months, the insurtech has tripled its base of policyholders to over 30,000 customers and recently launched a unique offering for connected cars that allows all vehicles equipped with embedded communication systems to connect to Flitter and automatically report their mileage.
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.”