French Startup Neat Raises $55 Million for Embedded Insurance Offering

French embedded insurance startup Neat has raised 50 million euros (about $55 million).

This total includes about 60% in equity and 40% in debt, TechCrunch reported Tuesday (Sept. 10).

Neat helps retailers and other companies sell embedded insurance products to their customers, pays them a commission on each insurance product sold, and outsources the risk to insurance and reinsurance companies, according to the report.

The company currently works with 1,500 distribution partners, per the report.

Neat describes its offering on its website as “a turnkey, white-label insurance service.”

The firm offers more than 40 insurance products, including extended warranty; travel insurance; events cancellation; theft, breakage and breakdown; buy back; cancellation all causes; coverage purchase; satisfied or your money back; and completion guarantee, according to the website.

It serves customers in sectors like eCommerce, retail, travel, mobility, events, hosting, banking, high-tech and medical devices, the site said.

With its offerings, businesses can increase their revenues, build customer loyalty and drive repeat sales, per the site.

This news comes about seven months after Coverdash said it raised $13.5 million in Series A funding to expand its embedded insurance offering by growing its embedded partner network, its internal team and its insurance carrier panel.

Coverdash’s embedded technology enables partners in any industry to offer insurance to their existing customers, using a single line of code to offer highly configurable insurance solutions within their own front-end environment.

Stephanie Khoo, partner at Nyca, which led Coverdash’s Series A round, said at the time in a press release: “Giving SMB service providers — payroll, payments, lending, website creation, HR, etc. — the ability to offer their customers seamless access to business insurance allows them to deepen their client relationship while adding a heretofore untapped revenue stream.”

In May 2023, Obie raised $26 million in Series B funding to expand its embedded insurance offering for real estate investors by adding new partnership and products.

Obie uses embedded insurance solutions to offer the 18 million real estate investors in the United States instantly bindable quotes through partner platforms, driving efficiency and changing the way insurance is bought and sold, the company said at the time.