Insurtech Setoo set to woo with €8m funding
London-headquartered insurance and “Protection-as-a-Service” company Setoo has secured an €8 million Series A funding round.
The main investor in this and the seed round is Kamet, AXA’s insurtech start-up studio. It takes Setoo’s total amount raised to date to €10.3 million.
Noam Shapira, Setoo’s co-CEO, explains: “Setoo stands for simplicity – in French ‘c’est tout’ means ‘that’s it’. My co-founder Eyal Gluska and I chose the name to symbolise how simple and quick it is to create effective new protection products using the platform, and the simplicity of the products created for the consumer.”
The investment will be used for EU expansion plans and to build new products.
The firm offers e-businesses the option of embedded insurance products. For example, e-businesses can get one-click underwriting with automatic compensation for their consumers.
Setoo also gives another non-fintech example. An online travel agent (OTA) selling connecting flights from multiple airlines can provide insurance to cover for missed flight connections if preceding flights are delayed or cancelled.
In these situations, Setoo sends an automated SMS to the consumer on behalf of the OTA, explaining that a full refund has been provided and offering alternative flight suggestions.
The company has headquarters in London, an insurance centre in Paris, and a research and development centre in Tel Aviv. Shapira and Gluska lead the team along with Pierre-Olivier Desaulle, Setoo’s chief insurance officer.