by French startup Orus has secured an $11.6 million Series A funding round to expand its offerings of insurance products specifically designed for small and medium-sized companies. The financing round was led by Notion Capital and VR Ventures/Redstone, with participation from previous investors including Frst, Partech, and Portage, as well as new investors such as Thierry Daucourt from Axa, Grégoire Rastoul from Leocare, and Albert Malagarriga Fandos from Elma.
Originally focused on providing insurance for restaurant owners, Orus has expanded its coverage to cater to a range of industries. The company currently offers general liability, business owners’ policy, workers’ compensation, health insurance, and will soon introduce decennial insurance. Its target market includes small businesses such as freelancers and retailers.
With the latest funding, Orus aims to grow its customer base and enhance its product offerings. The startup currently serves around 5,000 customers and plans to double its workforce over the next year. By offering a diversified suite of insurance solutions, Orus seeks to become a go-to platform for small companies’ insurance needs, enabling them to consolidate their coverage with a single provider.
This funding announcement comes shortly after Amsterdam-based insurtech startup Insify completed its own Series A funding round, raising €10 million. The emergence of startups like Orus, Insify, Assurup, and Olino reflects a growing trend in the insurtech sector to address the insurance needs of the vast number of small businesses in Europe. These companies aim to provide affordable, off-the-shelf insurance products that small companies can easily access as they establish their businesses.
While larger companies typically have a multitude of options for insurance coverage, small businesses often face challenges in finding cost-effective solutions. Orus and other insurtech startups are filling this gap by offering specialized insurance products tailored to the needs of small businesses. By expanding their product portfolios and providing a comprehensive range of insurance solutions, these startups can establish themselves as preferred providers for small companies.
Orus’s recent funding raise will enable the company to continue its growth trajectory and support its mission of simplifying insurance for small businesses.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
