Paris-based startup Lovys secures $20.5 million

French insurtech startup Lovys has secured $20.5 million in Series A funding round, Nordic9 reports.  The round was led by Heartcore, NewAlpha, and Raise Ventures with participation from existing investors such as Maif Avenir, Portugal Ventures, and Bpifrance.

Founded in 2017 by CEO João Cardoso, Lovys is the digital, all-in-one, and flexible insurance provider in France. The company offers online insurance products for homes (fire protection, water damage, burglary, civil liability), cars (there are three insurance options, from basic to all risks pack), pets (insurance against illnesses, accidents, and preventive care), and smartphones (cracked screen, liquid damage, burglary&theft, electric damage, etc).

The raised money will help Lovys to expand internationally and grow its team. To date, the company has 20,000 policyholders, and they want to hit 100,000 within a year.