Insurtech Leocare raises 110 million USD in funds

To continue its growth dynamics, the French insurtech Leocare has raised funds worth 110 million USD. This transaction was led by the American fund Eight Roads with three investors Felix Capital, Ventech and Daphni.

The neo multi-service insurer (home, car, motorcycle and smartphone) has already concluded, in January 2021, a funding round of 15 million EUR (16.8 million USD).

Thanks to these new funds, Leocare is aiming to expand into other European countries. Spain will, hence, be its next target during the second half of 2022.

Founded in 2017, the start-up plans to increase the number of its employees from 90 to 240 by the end of 2022.

Along with this transaction, the French insurtech market has nearly 700 million EUR (785 million USD) in raised funds since the beginning of 2021 against a total of 174 million EUR (195 million USD) raised in 2020.