Glad to double down on Insurtech champion Akur8!
Our first investment in Akur8 was also our first disclosed investment in 2020. Since then, a lot of things happened for the company — in addition to the pandemic macro change obviously.
Less than two years after it was incorporated out of startup studio Kamet Ventures and just 15 months after we led Akur8’s Series A, stating that the company — whose mission is to empower actuaries with its transparent IA — has achieved a lot sounds like an euphemism.
- First, the team signed several Tier-1 clients like AXA, Generali and Munich Re, but also specialty insurers Canopius and Tokio Marine Kiln, insurtechs Wakam and wefox, as well as mutualistic player Matmut.
- With its existing clients, Akur8 expanded its operations from one country to several countries. Today, the AI powered platform is daily used by 350 users within insurers’ pricing teams, to compute their pricing models across P&C, personal and commercial lines, and health.
- They hired one of the most diverse top team we’ve ever seen, with 20 nationalities represented out of 50 talented employees. Thanks to this unbelievable mix of people, no wonder that they managed to win commercial deals as far away as Colombia or Japan!
- Since we first invested in Akur8, the team successfully opened offices in London and New York, in addition to its Parisian headquarter.
Thanks to this $30m funding round, Akur8 will accelerate its expansion over the US first — as it’s the largest insurance market in the world — before settling in APAC in 2022.
If you still wonder why we back this amazing team… Well, mainly for 3 reasons:
- Akur8 team is building a global leader in insurance risk and price modeling software solutions, thanks to its proprietary AI-powered engine.
- Akur8 is one of the very few company combining the tech and actuarial expertises to build such products. There are very few competitors on this fast growing market.
- We deeply believe it’s a gem! And their customers are also convinced!