French InsurTech +Simple Snags $98M for Expansion, Consolidation

French InsurTech +Simple brought in 90 million euros ($98.2 million) and acquired three European companies to expand its platform, which operates as an insurance robo-broker for freelancers and small- to medium-businesses, according to a EU-Startups.com report on Friday (March 11).

Global investment firm KKR led +Simple’s fundraising round, with participation by +Simple founders Eric Mignot, Anthony Jouannau and Salah Hamida, as well as its existing investors, including Eurazeo, Speedinvest and Tikehau Capital.

The funding will be used to fuel +Simple’s continued expansion and help it consolidate the insurance industry across Europe.

The technology behind the +Simple platform generates customized insurance packages based on a questionnaire, the report said.

“KKR’s expertise in the insurance sector globally and track record in growth investing makes them ideally placed to support our development,” said Mignot. “Our ability to raise debt from a player such as Tikehau reflects confidence in our strategy to generate strong growth and profitability.”

In addition to the fresh capital, +Simple has acquired three companies to strengthen their presence in specific industries: French firm Alians, German firm Carl Rieck Assecuradeur and Italian underwriting agency Marintec.

Related: InsurTech Firm Vitesse Closes on $26M in Series B Funding

Last month, U.K.-based FinTech Vitesse secured $26 million in Series B funding, saying it will use the funds to better connect with the growing digitization of the insurance sector across Europe and in the U.S. The company will also use the money to invest in new products and customer service.

Vitesse said its payment network is available in 172 countries and territories, and serves more than 72% of London’s insurance market.

In January, London-based cyclist InsurTech startup Laka secured more than 10.6 million pounds ($12 million) to advance its insurance model, and Zego, the U.K.-based commercial motor vehicle insurance company, announced a European expansion.