Established in 2022, Estaly currently operates in France and Belgium, offering product protection through merchants for a wide variety of goods.
The startup is working with over 300 merchants and plans to expand its operations to Spain and Italy next year. Additionally, CDG Invest, through its 212Founders program, contributed $1.9 million dirhams to Estaly’s funding round, alongside OneRagtime and business angels, totalling $10.6 million.
This initial funding will enable Estaly to strengthen its position within the insurance ecosystem and establish itself as a leader in insurance and service. Estaly aims to democratize access to insurance by simplifying the user experience, making the service more accessible to all.
As part of its mission to support entrepreneurship and enhance the Moroccan economy, the 212Founders program has facilitated 19 Seed and Series A financings since 2019, totaling 113 million dirhams.
“We managed to raise quite quickly, we received our first term sheet after three months. But it is true that investors were quite cautious, because we were in the middle of the twists and turns surrounding the placement in receivership of Luko and its takeover ,” Mathis Batoul, CEO and co-founder of Estaly, told press.
“In 2024, we will remain focused on the French market. In 2025, we aim to expand into the main European markets: Spain, Italy and Benelux,” he added.
