French InsurTech Otherwise grabs €1.6m Seed round

Collaborative insurance startup Otherwise has picked up €1.6m in a Seed funding round.

The investment comes from 360 Capital Partners and Bpifrance as well as other private investors.

The Paris-based company aims to use machine learning to match customers to groups of ten people who create a common pot to cover their healthy expenses alongside traditional coverage.

Otherwise aims to pay users back as much as 50% if they have not made any claims.

The new capital will be used to further develop the company’s platform.

The startups’ co-founder and president Raphael Berger commented: “This fundraising and the expertise of our new shareholders will enable us to accelerate the deployment of our offerings and strengthen our lead in the market.

“This testimonial of confidence reinforces our convictions and our determination to carry out a resolutely ambitious project in order to allow each one to ensure better by ensuring otherwise.”

360 Capital partner François Collet added: “Otherwise relies on a brilliant team that is revolutionising the insurance market.

“The successful launch of a first offer in the coveted segment of Complementaire Santé will soon be followed by other products that will appeal to the general public.”

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