LeoCare

Based in France, LeoCare is a Managing General Agent (MGA) that offers a collection of insurance products digitally. Its portfolio includes automobile insurance, homeowners insurance, and other insurance offerings for motorcycles and smartphones. LeoCare’s policies are personalized and offered directly to the customer using a mobile app, often issued immediately, along with features to file claims digitally and adjust coverage parameters. 

According to the company, as of January 2021, 63% of its insurance contracts related to automobiles, 26% to home insurance, 7% for motorcyclists, and a 4% focus on smartphones, with a month-over-month growth rate of 38% as of the same date. LeoCare aims to grow its insurance portfolio sevenfold by the end of 2021 while increasing its headcount to 80 from 35 during the beginning of the year. By 2025, the company expects to serve 1 million customers throughout Europe. 

As of November 2021, the company had 65,000 active customers and had counted over 300,000 app downloads to date. The company also stated that it aims to generate EUR 100 million (approximately USD 112.6 million) in revenue in 2022.

LeoCare raised USD 110 million in debt and equity in a Series B funding round led by Eight Roads in November 2021. The company plans to use the fresh capital to accelerate its product development and fund its European expansion, beginning with Spain in 2022.