Evy, a pioneer in next-generation product protection in France, has raised €6.5 million in funding. The investment, from Sequoia (which backs WATI and Statsig), La Famiglia VC and Global Founders Capital, aims to revolutionize support for merchants in the European market.
Well-known angel investors also participated in the round, including Adrien Nussenbaum (Mirakl), Michael Benabou (Veepee), Raphaël Vullierme (Luko) and Xavier Niel. Motier VC, the family office of the Galeries Lafayette owner family, also relies on insurance companies.
UK Launch Planned For 2023
Evy is currently expanding its services beyond e-retailers to traditional brick-and-mortar stores and has been successfully deployed in Italy, Spain and Germany before launching in the UK in 2023.
“By choosing Evy, our investors have demonstrated confidence in the effectiveness of our innovative model. This demonstrates that our products meet the growing needs of retailers who want to provide their customers with the best shopping experience. This funding will allow us to To be able to expand our reach to the estimated EUR 45 billion European insurance market by further developing our product protection solutions and expanding our recruiting efforts,” noted Evy CEO and co-founder Simon Kemoun.
“We are delighted to have partnered with Simon, Shana and Tanguy to create Evy to redefine the product insurance category in Europe. Their pan-European partnership with Mano Mano is a testament to the quality of the product and the trusted experience they deliver. We look forward to working in Launching more retailers across categories and markets in the near future,” said Sequoia Partners Stephanie Zhan and George Robson.
Partnership With DIY Unicorn!
Insurtech startup Evy already has a dozen clients, including a European partnership with DIY unicorn ManoMano. The goal is to be an insurance champion for all categories of products and services across online and in-store sales channels. In less than 4 months, Evy has launched over 25 customized insurance plans for ManoMano, covering multiple categories in four European countries.
Cédric Torossian, Head of Services/New Business & Partnerships at ManoMano, said: “Thanks to Evy and our deep understanding of the challenge and dedication, we were able to integrate a complete insurance product in record time.”
Pioneers Product Insurance In Europe
Founded in Paris in 2022 by Simon Kemoun, Shana Azria and Tanguy Le Stradic, Evy is an environmentally conscious insurance broker poised to revolutionize the world of product protection for retailers operating in Europe by delivering an innovative customer experience. Despite the recent emergence of a new generation of product insurers in the United States, the European market remains relatively untapped.
Evy is the next generation of insurance brokers, breathing new life into this market by providing innovative customer experiences and broad coverage, including breakage, breakdown and theft of goods and services. The startup aims to provide retailers and e-tailers with additional profits through its flexible insurance solutions backed by leading insurance partners.
It provides a turnkey product protection solution that can be fully integrated into a retailer’s existing distribution channels. Implementation is easy thanks to an off-the-shelf component library and a robust operating system, including claims management and payment gateways.