ESADE BAN is a Barcelona-based business angel network that works to advance entrepreneurship and investments in Spain.

ESADE BAN

Kima Ventures is one of the world's most active early-stage investors, investing in 2 to 3 startups per week all over the world; providing founders with funding, network, and support for them to reach the next steps of their journey. The firm invests from seed to Series A, mostly as lead investor but also working alongside other investors; backing ambitious founders who work hard to build awesome things that more and more people use everyday. The company helps them to build a great team, to learn very quickly, to keep the right focus and execute towards growth. Kima takes pride of itself in working side-by-side with entrepreneurs. They claim to understand that fundraising is only one step in the company’s journey, that’s why they take quick decisions and make the fundraising process as smooth as possible so the founders can get back to the work of building their business. Kima considers itself not only an investor, but a network of founders and experts sharing a pay it forward mindset. Headquartered in Paris with an office in London, the company was founded and backed by Xavier Niel, founder of Iliad and supporter of entrepreneurs through such projects as 42, Station F and 101projets. Over the last 5 years Kima has invested in over 400 startups in 24 different countries.

Kima Ventures

Keyword Venture Capital is a financial firm the invests in early stage digital companies that show strong traction metrics with an international ambition. Its main areas of interest are marketplaces, classified ads, vertical e-commerce, and SaaS companies with an average ticket size of 400K€.

Keyword Venture Capital

Avet Ventures invests in tech-driven companies led by outstanding entrepreneurs and accompany them through the path to success.

Avet Ventures

Barkibu

Barkibu provides digital health services for animals, combining AI technology with the expertise of humans veterinarians. Barkibu was launched by Enrique Torres Redondo, Pablo Pazos, and Patricia Mendez Seoane in May 2015 and is based in A Coruna, Spain.

Barkibu is a Spanish provider of pet health insurance and preventive care for cats and dogs. As of June 2023, the company offered its services in Spain and Germany through a mobile app.

New insurance models are disrupting a centuries-old industry with a focus on personalization and convenience

InsurTech: Personal Lines

<div>Barkibu is a Spanish provider of pet health insurance and preventive care for cats and dogs. As of June 2023, the company offered its services in Spain and Germany through a mobile app.&nbsp;</div>

Pet ownership is at an all time high in the United States and the pet care economy is booming.

Pet Care Tech

Barkibu Raises €4.5M in Funding

Munich Re

Munich Re has an insurance partnership with Barkibu and it also utilizes the latter's AI-powered veterinary assistant as a white-label solution.

Companies that offer personal line covers for travel and pets through digital channels and use technologies such as flight tracking and online claims processing.

Barkibu is a Spanish provider of pet health insurance and preventive care for cats and dogs. As of June 2023, the company offered its services in Spain and Germany through a mobile app.Pet insurance offered by Barkibu covers expenses such as veterinary consultations, diagnostic tests, emergencies, hospitalizations, surgeries, and medications. However, it does not cover pre-existing conditions. The company covers 80% of the costs associated with pet illness and accidents and 100% of the costs associated with preventive care such as annual check-ups or vaccinations, up to EUR 3,000 per pet each year. Additionally, Barkibu provides discounts for customers with multiple pets.Barkibu also offers telehealth and AI-powered veterinary services through its app. The AI-powered veterinary assistant works by asking customers simple questions regarding their pet’s health and symptoms. It then analyzes the answers against thousands of similar cases to provide recommendations for treatment or to connect with veterinarians.Key customers and partnershipsAs of May 2023, the company served around 20,000 pet parents and claimed that its monthly sales increased at an average of 20%, with growth mostly organic and user-led.Barkibu’s pet insurance policies are underwritten by Great Lakes Insurance SE. In addition, it has partnered with Munich Re and Mars Petcare, offering them its AI-powered veterinary assistant as a white-label solution.Fundings and financialsThe company raised <a href="https://sp-edge.com/updates/18222">USD 5 million in a funding round </a>in May 2023 led by Kfund with participation from Mundi Ventures. The fresh funds were to be used to improve and expand its services.

<div>
 
 Root Insurance is a full-stack insurance provider focusing on usage-based automobile insurance. The company offers a mobile app that collects data on driving speeds, braking patterns, and driving times using smartphone sensors, and applies artificial intelligence (AI) and predictive models to offer a personalized premium to the customer. The company claimed that the latest model utilizes double the proprietary data, demonstrating 17% greater predictive capabilities than the previous model. Moreover, the app incentivizes safe driving by providing greater insight into one&rsquo;s driving patterns and issuing additional discounts for improved driving behavior. Root allows customers to file claims directly through the mobile app. As of January 2024, Root held a carrier license in 48 states and offered automobile insurance in 31 states.
 
 In July 2019, Root launched its renters&rsquo; insurance product and expanded to homeowners insurance in May 2020. The homeowners&rsquo; insurance is provided through a partnership with Homesite Insurance, a Boston-based property and casualty insurer that will underwrite any homeowners insurance policies issued by Root. As of January 2024, the company&rsquo;s renters&rsquo; insurance product was available in 18 states.
 
 
 Key customers and partnerships
 
 
 Root had 259,522 policies in force as of September 2023.
 
 
 Root entered into a partnership with Carvana in July 2022, to offer usage-based auto insurance policies on the latter&rsquo;s used-car online platform.
 
 
 In addition, it had also collaborated with other players in the insurance space to optimize and digitize its insurance services.In January 2021, Root partnered with Tractable, a UK-based provider of AI-based solutions, to leverage its AI Subro solution to optimize Root&rsquo;s end-to-end claims process, starting with subrogation, where two insurance carriers negotiate the division of expenses when multiple parties are involved in a claim. It also partnered with CCC Intelligence Solutions in February 2023, to use its first-party casualty solution to streamline and digitize first- and third-party casualty claims through a single digital workflow.
 
 
 Funding and financials
 
 
 In October 2020, Root sold 26.8 million shares in its initial public offering (IPO), raising USD 724.4 million in the process at a valuation of USD 6.8 billion. In 
 <a href="https://sp-edge.com/updates/8089">
 January 2022
 </a>
 , Root received a five-year term loan of USD 300 million from BlackRock Financial Management (BlackRock) to extend its debt maturity and improve its liquidity position.
 
 
 For the full year of 2022, Root reported total revenue of USD 310.8 million (down 10.0% YoY), while its net losses improved to USD 297.7 million from a loss of USD 521.1 million in 2021. Its gross loss ratio improved to 82.1% from 86.0% in 2021.
 
</div>

Root Insurance

<div>
 
 Hippo is a digital homeowner insurance provider. The company offers its homeowner policies online, with each policy accompanied by a complementary smart home monitoring system that will help identify risks proactively. It provides coverage using a combination of machine learning, satellite imagery, and other public records and actively reviews for any changes to the property overtime.
 
 
 Hippo also provides home insurance to buyers of newly built homes that is directly integrated to the digital mortgage and title process through its Builders business. Further, it launched 
 <a href="https://sp-edge.com/updates/16051">
 Hippo Builder Insurance Agency (HBIA)
 </a>
 in January 2023, to allow builders of all sizes to partner with HBIA to send leads of homeowners in return for a fee.
 
 
 The company also offers an on-demand homecare and maintenance app (Hippo Homecare) which it launched in 2019 following the acquisition of Sheltr, a home maintenance platform, during the same year. It also launched &ldquo;Book a Pro'' feature within its mobile app in Q4 2022, which allows homeowners based in Texas to connect to home improvement professionals as well as message its Hippo&rsquo;s own home care experts to get advice. Hippo also plans to roll-out this feature to other states in the future.
 
 
 In June 2020, Hippo entered into an agreement to acquire long-time insurance partner Spinnaker Insurance Company, which is a property and casualty insurer registered in all 50 states, for an undisclosed amount. The acquisition was expected to help the company expand its geographical reach. The company&rsquo;s homeowner offering was available in 40 states as of January 2023.
 
 
 Key customers and partnerships
 
 
 Hippo had 332,000 customers as of September 2022, and it claimed nearly 75% of its new customers were Gen B.
 
 
 The company partnered with property and casualty risk intelligence company, 
 <a href="https://sp-edge.com/updates/17629">
 Opterrix in April 2023
 </a>
 , to leverage its real-time data on severe weather events to identify at-risk policyholders and improve its claims management capabilities.
 
 
 Funding and financials
 
 
 In November 2020, Hippo raised USD 350 million from Mitsui Sumitomo Insurance company. The company expects to use this funding to support its national expansion plans and also evaluate acquisition opportunities to grow inorganically.
 
 
 For FY2022, the company recorded total generated premiums of USD 811.1 million, which was up 33.8% YoY. Its gross loss ratio improved 62 percentage points to 76% during the year, while its net loss improved 10.2% YoY to USD 333.4 million.
 
</div>

Hippo Insurance

Clearcover is a fully digital automobile insurance provider that offers insurance coverage and claims filing using online channels along with other value-added services such as roadside assistance. The company leverages AI and machine learning models to provide personalized pricing to its customers and validate claims. The company states that it can handle 96% of all claims virtually. Clearcover also launched a <a href="https://sp-edge.com/updates/27767">GenAI-powered claims intake tool</a> to navigate a conversation-driven experience after First Notice of Loss (FNOL) to collect information about an accident. The tool available through its mobile app includes a claims assistant and a real-time customer question resolution feature. It plans to incorporate the tool into its agent portal and website in the future.Clearcover also uses an application programming interface (API) to offer embedded car insurance. This powers <a href="https://sp-edge.com/updates/21232">Choice, </a>an end-to-end embedded auto insurance solution that allows brands to provide auto insurance policy options from various carriers to their customers.As of January 2024, Clearcover offered its policies in 19 states in the US.&nbsp;For FY2022, the company generated total direct premiums written of USD 140.7 million (up 79% YoY) and recorded USD 61.4 million in net premiums earned. Its net losses amounted to USD 38.7 million for the year, while its loss ratio and combined loss ratios stood at 115% and 158%, respectively.Key customers and partnershipsClearcover partnered with claims management solution vendor Snapsheet (May 2020) to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. It also partnered with ServiceUp (<a href="https://sp-edge.com/updates/32888">April 2024</a>), a technology company specializing in automotive repairs, to improve the car repair experience for insurance claims.Moreover, it collaborated with Experian to offer car insurance on the latter’s insurance comparison site (<a href="https://sp-edge.com/updates/18045">April 2023</a>). This was part of Clearcover’s strategy to expand its distribution channels.

Clearcover

<div>
 
 Kin offers digital homeowners insurance with personalized policies featuring premiums determined based on an assessment of the property that includes more than 10,000 data points from sources such as property records, government records, and satellite imagery.&nbsp;
 
 
 The company launched its insurance carrier, the Kin Interinsurance Network, in 2019, which operates as a reciprocal exchange (a form of insurance where underwriting profits are shared with customers). As of May 2024, it had a presence in Alabama, Arizona, Florida, Georgia, Louisiana, Mississippi, South Carolina, Virginia, and Texas.
 
 
 In December 2021, Kin acquired an inactive insurance carrier with licenses in 43 states. This acquisition was part of Kin's plan to expand its operations to most US states.
 
 
 Key customers and partnerships
 
 
 As of February 2024, it served over 115,000 policyholders.
 
 
 The company has partnered with Kangaroo, a smart home tech provider, to offer its customers free home security solutions. Additionally, it has collaborated with Cape Analytics, a property analytics provider that utilizes geospatial imagery for property intelligence, and Snapsheet, a claims management platform provider, to automate their internal processes.
 
 
 Funding and financials
 
 
 Kin Insurance was set to go public through a merger with Omnichannel Acquisition Corp., a special-purpose acquisition company (SPAC) in a transaction that valued the company at over USD 1 billion. However, this was terminated in January 2022, citing unfavorable market conditions.&nbsp;&nbsp;
 
 
 In February 2024, the company received USD 15 million 
 <a href="https://sp-edge.com/updates/26317">
 investment
 </a>
 from Activate Capital, with the funds earmarked to accelerate growth by expanding into new markets and developing new products.
 
 
 Kin Insurance recorded gross written premium (GWP) of USD 344.1 million in 2023 (up 50.7% YoY), and generated operating income of USD 5.0 million compared to an operating loss of USD 11.6 million in the prior year.
 
 
 
</div>

Kin Insurance

Ladder is a startup that provides personalized term life insurance online, with coverage ranging from USD 100,000 to USD 8 million. The company uses multiple publicly available data points to determine a customer’s eligibility and in most cases does not require a medical checkup. Ladder provides a home visit medical test for free if required. Ladder’s dynamic approach to life insurance allows policyholders to increase or decrease insurance coverage based on changing life circumstances. Ladder also provides an application programming interface (API) which allows onboarded partners such as other insurance companies, investment firms, and lenders to issue policies from Ladder digitally. The company is licensed to operate in all 50 states. More than 80% of its customers represented first time insurance buyers.Key customers and partnershipsThe company sells its own life insurance policies in California through its carrier, Ladder Life Insurance Company. In New York policies are underwritten by Allianz Life Insurance, and in all other states by Fidelity Security Life Insurance, Amica Life Insurance Company, Lincoln Financial and USA LIfe Insurance.Ladder had collaborated with many financial service institutions to extend its product offering. It partnered with <a href="https://sp-edge.com/updates/25889">Envestnet | MoneyGuide</a>, AmeriSave Mortgage, and Halo Investing, to deliver its digital life insurance to customers through the advisors of the latter.Funding and financialsIn October 2021, the company raised USD 100 million in Series D funding co-led by Thomvest Ventures and OMERS Growth Equity, at a valuation of USD 900 million. The new funds will be directed towards further developing its products and expanding its workforce. As of the same date, the company also reported that its revenue grew by over 4x year-over-year (YoY).

Ladder

Startups in the automobile insurance space, predominantly providing usage-based insurance using telematics devices and/or smartphone sensors.

Startups that offer homeowners and renters insurance using artificial intelligence (AI) and smart home devices to issue policies and validate claims.

Startups that provide life insurance through digital channels personalized to an individual’s circumstances and replacing traditional practices, such as medical tests, with data-driven underwriting.

Providers of comparison websites and tools for carriers, agents, and consumers to compare and purchase policies.

Companies that provide personalized health insurance to consumers via digital channels and use technology such as wearable medical devices to monitor health and improve user experience and underwriting.

Companies that offer digital-only insurance for personal belongings (bicycles, mobile phones, laptops, and cameras), providing protection against theft, loss, or damage, with financial reimbursement or replacement.

IoTs used to proactively mitigate risks and offer usage-based insurance

Used for underwriting and claims; infrastructure providers offer AI/ML products to traditional insurers

Uses personal data to underwrite and price personalized policies such as usage-based insurance for vehicles

Limited number of life insurers use genetic/epigenetics to underwrite life insurance

<div>
 
 Barkibu is a Spanish provider of pet health insurance and preventive care for cats and dogs. As of June 2023, the company offered its services in Spain and Germany through a mobile app.&nbsp;
 
 
 Pet insurance offered by Barkibu covers expenses such as veterinary consultations, diagnostic tests, emergencies, hospitalizations, surgeries, and medications. However, it does not cover pre-existing conditions. The company covers 80% of the costs associated with pet illness and accidents and 100% of the costs associated with preventive care such as annual check-ups or vaccinations, up to EUR 3,000 per pet each year. Additionally, Barkibu provides discounts for customers with multiple pets.
 
 
 Barkibu also offers telehealth and AI-powered veterinary services through its app. The AI-powered veterinary assistant works by asking customers simple questions regarding their pet&rsquo;s health and symptoms. It then analyzes the answers against thousands of similar cases to provide recommendations for treatment or to connect with veterinarians.
 
 
 Key customers and partnerships&nbsp;
 
 
 As of May 2023, the company served around 20,000 pet parents and claimed that its monthly sales increased at an average of 20%, with growth mostly organic and user-led.
 
 
 Barkibu&rsquo;s pet insurance policies are underwritten by Great Lakes Insurance SE. In addition, it has partnered with Munich Re and Mars Petcare, offering them its AI-powered veterinary assistant as a white-label solution.
 
 
 Fundings and financials&nbsp;
 
 
 The company raised 
 <a href="https://sp-edge.com/updates/18991">
 USD 5 million in a funding round
 </a>
 in May 2023 led by Kfund with participation from Mundi Ventures. The fresh funds were to be used to improve and expand its services.
 
</div>

<div>
 
 Digitail offers a cloud-based software platform for veterinarians that provides an online booking system, electronic record keeping, stock management, invoicing, billing, etc. The platform, which can be accessed from any device (mobile phones, laptops, desktops), is available in different packages on a Software-as-a-Service (SaaS) basis; USD 95 per month for mobile vets, USD 79 per month for small clinics, and USD 159 per month for large clinics. As of March 2021, the platform served 2,000 veterinarians across 16 countries.
 
 
 Funding and financials
 
 
 In January 2023, the company raised 
 <a href="https://sp-edge.com/updates/16032?industryIds=7">
 USD 11 million in Series A funding
 </a>
 led by Atomico to expand its operations in the US and Canada. The round follows its USD 2.5 
 million seed funding in March 2021, led by the VC firm byFounders and Gradient Ventures (Google&rsquo;s AI fund).
 
</div>

Digitail

Gudog is a Spanish on-demand platform that connects dog owners with dog sitters for at-home dog sitting, dog walking, and dog daycare services. The company operates in France, UK, Germany, Ireland and Spain. In February 2019, the company merged with HouseMyDog, a similar company headquartered in the UK, to mutually expand its reach to more than 25,000 dog sitters on its platforms. As of February 2019, Gudog was considered to be the market leader in Spain. In February 2021, the company announced the acquisition of Host My Pet, a Finnish online pet sitting services company, for an undisclosed amount. The acquisition is aimed at expanding operations into Nordic countries, starting with Finland. With the acquisition, the combined entity’s 17 full-time employees will serve approximately 650,000 pet owners across Europe.

GuDog

Urban Leash is an on-demand pet care service provider that offers dog walking and cat sitting services. The app is GPS-embedded, which allows pet owners to track the whereabouts of pets. Its dog walking services and cat services are are offered in Boston within the Fenway and Jamaica Plain neighborhoods, whereas cat sitting services are also provided in several other areas in Brookline. Urban Leash also provides care services for small animals, such as feeding fish, small birds, and small mammals. Administering medication is offered without any fees.

Urban Leash

TeleTails is a veterinary telehealth platform that allows pet owners to obtain advice from veterinarians and behaviorists when needed. The company’s software provides care teams with the ability to offer live video consultations, flexible messaging, and cross-team communication. In May 2020, the company launched TeleTails Instant in response to the Covid-19 pandemic to make veterinary services available at no cost during the crisis.

TeleTails

Based in the UK, PawSquad provides on-demand veterinary telehealth services through video consultations and online chats. Pet owners can instantly access veterinary practitioners without pre-scheduling. The company also offers home visits on request. Advice from general practitioners is priced at around USD 26 per visit, while specialist consultations are priced at around USD 62 per visit. PawSquad provides specialist services in dermatology and plans to introduce other areas, such as endocrinology, behavior, gastroenterology, and oncology in the future. As of February 2021, the company operated more than 1,500 clinics across 12 countries in Europe and had an employee base of more than 22,000, including 6,0000 veterinary professionals.In March 2021, was acquired by UK-based veterinary service provider IVC Evidensia, that operates across Europe, for an undisclosed amount. IVC Evidensia operated more than 1,500 clinics across 12 countries in Europe as of February 2021. The company also has an employee base of more than 22,000, including 6,0000 veterinary professionals.The acquisition will allow PawSquad to expand geographically while also providing pet owners accessibility to IVC Evidendsia’s veterinary professionals through PawSquad’s telehealth platform.

PawSquad

Companies that provide digital veterinary platforms to connect pet owners directly with online veterinary services.

Companies that provide mobile-based platforms to match pet owners with providers of pet services such as pet boarding, pet sitting, and dog walking.

Startups that offer innovative insurance solutions via digital platforms specialized for pet insurance coverage.

Companies that develop and offer technological solutions, such as self-cleaning tech, smart feeding devices, and interactive toys, to enhance and monitor pets' health and well-being.

Uses IoT technology to remotely monitor and interact with pets

AI and ML technologies enable pet owners to monitor and improve pet care

Offers digital platforms, such as veterinary telehealth services, to support the wellness of pets

Barkibu

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