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.

<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>

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

Neo Insurance

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

Pet Care Tech

<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/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>

<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 December 2021, Root held a carrier license in 48 states and offered automobile insurance in 32 states&mdash;most recently in Kansas.
 
 
 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 June 2021, the company&rsquo;s renters&rsquo; insurance product was available in eight states.
 
 
 Key customers and partnerships
 
 
 Root had 203,840 policies in force as of June 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>
 
 Cambridge Mobile Telematics (CMT) launched its mobile-focused usage-based insurance (UBI) platform in 2012, enabling insurers to build their own UBI products. The company&rsquo;s product suite includes a white-label mobile app (DriveWell) and an Internet of Things (IoT) tag that collects telematics data that insurers can use to assess risk, incentivize behavioral change through gamification, and reconstruct crashes for accurate claims processing. The app also notifies insurers instantly during an accident, allowing them to dispatch help and begin the claims process. It also enables insurers to detect fraudulent claims based on telematics data.
 
 
 In June 2021, the company acquired TrueMotion, a developer of telematics solutions for auto insurance, for an undisclosed amount. Founded in 2012, TrueMotion helps insurers develop their own usage-based insurance products by allowing developers to build mobile apps on top of its platform which collects information from smartphone sensors in relation to an individual's driving behavior. The platform also includes telematic data features to file claims using the app and other value-added services such as good driving incentives and quick accident responses following a crash. TrueMotion&rsquo;s telematics solution can also be used by fleet operators to monitor the driving patterns of its drivers. Through the acquisition, the two companies will combine their products to bolster CMT&rsquo;s offerings and expand the company&rsquo;s geographical reach. 
 
 
 In addition, CMT acquired Amodo, a turnkey usage-based auto insurance solutions provider based in Europe 
 <a href="https://sp-edge.com/updates/16753">
 in March 2023
 </a>
 , for an undisclosed amount. Following the acquisition, Amodo will operate under the CMT brand and will gain access to its advanced telematics solutions. Through the acquisition, CMT aimed to accelerate its global reach and strengthen its position in Europe.
 
 
 Key customers and partnerships
 
 
 As of March 2023, CMT&rsquo;s technology-powered 95 enterprise programs across 25 countries including nine in continental Europe. In addition, its solutions are used by 21 of the top 25 insurers in the US, including insurers such as StateFarm, Liberty Mutual, and Progressive. CMT&rsquo;s solutions are also used by rideshare companies and large fleet operators.
 
 
 Funding and financials
 
 
 The company&rsquo;s last funding round was in December 2018, where it raised USD 500 million from SoftBank&rsquo;s Vision Fund, with plans to expand its platform.
 
</div>

Cambridge Mobile Telematics

<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

<div>
 
 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.&nbsp;
 
 
 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 March 2023, Clearcover offered its policies in 19 states in the US.&nbsp;
 
 
 Key customers and partnerships
 
 
 In May 2020, Clearcover partnered with claims management solution vendor Snapsheet to fully digitize its own claims function from First Notification of Losses (FNOLs) to disbursements. Moreover, it collaborated with Experian to offer car insurance on the latter&rsquo;s insurance comparison site 
 <a href="https://sp-edge.com/updates/18045">
 in April 2023
 </a>
 . This was part of Clearcover&rsquo;s strategy to expand its distribution channels.
 
 
 Fundings and financials&nbsp;
 
 
 In April 2021, the company raised USD 200 million in a Series D funding round, led by Eldridge, at a valuation in excess of USD 1 billion. The company expects to use the funding toward product development and increasing headcount.&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.
 
 
 
 
 
</div>

Clearcover

<div>
 
 Shift Technology, based in France, provides a Software-as-a-Service (SaaS) solution for insurers to automate claims and detect fraud during the underwriting and claims processing stages. The company’s platform uses artificial intelligence (AI) and a combination of internal and third-party data to flag potentially fraudulent claims. Furthermore, it provides a white-label mobile app that takes advantage of the company’s fraud detection capabilities and enables insurers to streamline their entire claims functions from First Notification of Losses (FNOLs) to disbursements. In addition to France, the company maintains regional offices in the US, Japan, the UK, Spain, and Singapore.
 
 
 Key customers and partnerships
 
 
 As of May 2021, the company had a workforce of 350 people, and it claimed to have analyzed ~2 billion claims globally. It also worked with more than 100 customers across 25 countries, including insurance companies such as AXA, Generali France, and Mitsui Sumitomo. 
 
 
 Shift collaborated with big data provider Legentic in April 2022, through which it aimed to allow its customers access structured data to minimize fraudulent claims and improve claims processing times. It also formed strategic partnerships to integrate its product as part of other insurtech’s product offerings such as with Sapiens, providing the latter’s customers with alerts regarding fraudulent claims.
 
 
 Funding and financials
 
 
 In May 2021, Shift Technology raised 
 <a href="https://sp-edge.com/updates/2834">
 USD 220 million in a Series D 
 </a>
 funding in a round led by Advent International at a valuation of over USD 1 billion. The company expected to use the funding to expand its presence in the property and casualty market and also venture into other insurance verticals such as health. The funding was to also be channeled toward accelerating business growth in the US. In November 2021, the company received an undisclosed investment from Guidewire, as an 
 <a href="https://sp-edge.com/updates/6418">
 extension to its Series D
 </a>
 round. The company was to use the new funds to further develop its technology and support its go-to-market strategies.
 
</div>

Shift Technology

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

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

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

Infrastructure and embedded solutions are offered under a B2B SaaS model

Startups that offer personalized travel, bicycle, and pet insurance through digital platforms, utilizing technology such as flight tracking and online claims processing.

<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

<div>
 
 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.
 
</div>

GuDog

<div>
 
 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. 
 
</div>

Urban Leash

<div>
 
 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.
 
</div>

TeleTails

<div>
 
 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. 
 
 
 
</div>

PawSquad

Uses IoT technology to remotely monitor and interact with pets

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

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

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

Barkibu

Recent Updates

Monthly News Summary (May 2023)

Barkibu raises USD 5 million in funding

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