The funding was led by Swiss insurer Helvetia, facilitated through its Helvetia Venture Fund. The round garnered support from notable figures in the tech and insurance sectors, including Stéphane Treppoz, former CEO of Sarenza, Christophe Eberlé, founder of consulting firm Optimind, Frenchfounders fund, Laurent Ritter, co-founder of Voodoo, and Adrien Montfort, co-founder of Sorare.
Building on the momentum gained from a pre-seed round of €2.5 million led by Global Founders Capital in January 2022, Flitter’s latest funding round reflects the growing confidence of existing investors and the attraction of new supporters. The insurtech plans to utilise the funds to double its team size to 40, reinforcing its tech, operations, and customer service divisions. Additionally, the company has set the ambitious goal of achieving profitability by 2024.
Flitter has made significant strides in the last 18 months, reshaping the landscape of auto insurance with its innovative and personalized pay-by-mile car insurance model. The startup has tripled its base of policyholders, boasting over 30,000 customers in the past year alone.
Founded in 2022 by Hajer Gorgi, Jérémy Steinberg, and Arnaud Dumora in Paris, France, Flitter is dedicated to reshaping auto insurance for the digital age. In a short span of 18 months, the company has experienced remarkable growth, tripling its base of policyholders to surpass 30,000 customers. Recently, Flitter introduced a distinctive offering tailored for connected cars, allowing vehicles equipped with embedded communication systems to seamlessly connect to Flitter and automatically report their mileage.
The insurtech places emphasis on producing an exceptional user experience and digital-first customer support. Flitter also capitalises on evolving consumer habits and the changing mobility landscape in French households. Flitter’s founders also claims the company can provide customers with up to 50% in savings per year, making a significant impact in a crowded and fiercely competitive market.
Jérémy Steinberg, co-founder and CEO of Flitter, said: “18 months ago, we started from scratch to build a more efficient insurance model, tailored to the mobility needs of today. Our goal has always been to create a profitable company, by innovating while keeping an eye on costs. This new round, and the support from insurance experts like Helvetia, will allow us to continue our steady growth and reach profitability by the end of 2024.”
Michael Wieser, Partner of Helvetia Venture Fund, added: “Car insurance is a €150 billion market in Europe, but few new players have positioned themselves to innovate against traditional incumbents, and none have managed to build a profitable model. Flitter’s model is well-positioned to succeed in this challenge and become one of the first insurtechs to achieve profitability while maintaining sustained growth.”
Author: Joanna England