Belgian InsurTech startup WeGroup raises 650 000 euro in seed capital
Ghent-based InsurTech startup WeGroup successfully starts its first financial year by raising 650k in seed funding. The round is led by ‘Business Angels Network Flanders’, in collaboration with the imec.istart Fund and over a hundred crowd investors. With the capital raised, WeGroup primarily aims at accelerating their growth in the Belgian market, but also looks into several international opportunities.
WeGroup is a so-called InsurTech startup that specializes in aiding insurance providers, such as brokers and agents, to connect with a growing digital market. It uses artificial intelligence to predict when a customer would be in the market for a new insurance product, or is exposed to a certain risk. Earlier this year, the young startup was already awarded for their innovative technology.
Next to funds, WeGroup also gets a load of experience aboard. Leading business angel during the round is Wouter Reggers, a well-known name in the insurance landscape. For over 20 years, Reggers was active at international insurance players, including as CEO of Vanbreda International and of the European activities of American specialist insurer Cigna. “I have seen many investment opportunities passing by, but the unique innovation WeGroup brings to the table is completely what the insurance industry needs rightnow”, according to Reggers. Next to business angels, the round was a collaboration with the academic imec.istart Fund and, remarkable, over a hundred crowd investors. With this, WeGroup becomes Benelux’ first insurance player to convince the public in an open crowd funding campaign.
With the capital raised, the Ghent-based company primarily aims at the Belgian market. “The past year, we have been busy with acquiring our first customers and developing our core technologies. Now it is time to take things to the next level”, declares WeGroup CEO Arvid De Coster. Next to Belgium, the company also sets eyes towards international expansion, an ambition that is unfortunately still absent in a lot of Belgian startups, De Coster concludes.