Insurtech weekly: Bdeo, Cytora, MetLife, AEFI

Published in: Risk, Risk management, Corporate strategy, UK, Rest of Europe, Software - IT

Companies: Bdeo, Cytora, MetLife, AEFI

Spanish insurtech Bdeo raises €1m

Who’s involved: Madrid-based insurtech and visual technology startup Bdeo; Spanish early stage investor Big Sur Ventures; and venture capital firm K Fund

What’s happening: Bdeo has raised €1m ($1.1m) in funding from Big Sur Ventures and K Fund

Significance of development: The startup digitises the process of registering a claim with video technology to collect the documents and evidence. The investment will be used tostrengthen the existing team and grow the company

Timeline: With immediate effect

 

MetLife partners with Spanish insurtech association

Who’s involved: MetLife and Spanish Association of FinTech and insurtech (AEFI)

What’s happening:  MetLife and AEFI have signed a collaboration agreement through which MetLife will become the association's platinum partner

Significance of development: The partnership will allow both organisations to optimise theirresources and promote knowledge about new trends and technologies in the insurance sector

Timeline: With immediate effect

 

Cytora raises £25m in funding for its risk selection solution

Who’s involved: London-based insurtech Cytora and EQT Ventures, the venture capital arm of Swedish investment firm EQT

What’s happening: Cytora hasraised £25m ($33m) in a series B funding round. The investment was led by EQT Ventures with participation from existing investors Cambridge Innovation Capital, Parkwalk and a number of unnamed angel investors

Significance of development:  Powered by artificial intelligence, Cytora Risk Engine aims to help commercial insurers to target the most profitable risks, improve risk selection and pricing

Thefunding will be used to accelerate the expansion of its product suite and for scaling into new geographies

Timeline: With immediate effect

Ronan McCaughey