The round was led by French VC 115K whilst existing investors Elaia and Bpifrance also participated through their Digital Venture Fund, and follows on from an initial €5 million investment in 2021.
Damien Launoy, Managing Director of 115K, commented: “This new milestone confirms the robustness of our model and will enable Continuity to continue its technological investments to establish itself as a market-leading solution benefiting insurers.”
Continuity was founded in 2019 and offers SaaS solutions leveraging external data and artificial intelligence to improve risk selection and ongoing monitoring. The company analyses insurance contracts and new subscription requests identifying risk factors, concerns, and discrepancies before generating recommendations based on the insured company’s actual situation.
Accurate risk assessment is increasingly vital for insurers, as currently 10 to 15% of professional and business P&C insurance contracts do not match the insured’s actual conditions due to subscription errors or changes during the contract’s term. Continuity offers a holistic, real-time view of risks linked to insured companies allowing insurers to offer clients bespoke coverage.
Continuity intends to use the funds to further develop its technology and AI capabilities, particularly in addressing challenges in the large risks segment. The company intends to hire around 15 new team members, strengthening its presence across Europe.
Benoît Pastorelli, CEO and co-founder of Continuity, said: “We are thrilled with this new funding round, secured with top-tier investors, which will accelerate our development and enhance our innovation capabilities. We are proud to support the transformation of the P&C sector and contribute to the success of our insurer partners. Specifically, this funding will allow us to expand our solution to optimize the management of large industrial and agricultural risks, solidifying our position as a technological leader in France and initiating our European expansion.”
Damien Launoy, Managing Director of 115K, explains: “Our fintech expertise and long-term investment capacity make 115K a natural and solid partner to support this growth, and we are excited to lead this funding round alongside the company’s long-time shareholders.”
Sébastien Lefebvre, Partner at Elaia, also commented: “We believe in Continuity’s vision to simplify and improve the insurance underwriting process through advanced artificial intelligence and data analysis. Their strategic partnerships and relentless innovation are essential in a fast-changing market. As long-time investors, we’re excited to continue this journey with the Continuity team and explore new horizons in insurtech.”
Finally, Clarisse Blandin, Investment Director at Bpifrance, added: “Continuity exemplifies how a tech company can become a game-changer for a traditional sector like insurance. The Bpifrance Digital Venture team is convinced by their solution, which allows for precise and rapid risk assessment, a must in our ever-evolving world.”
