Neither shaken nor stirred, €10m pours into insurtech Neat

Paris-based provider of embedded insurance solutions Clean raised €10 million in a seed funding round that appears to be the largest of its kind in this particular sector. The €10 million is aimed at helping the company in its international expansion efforts, as well as tripling the number of employees as it looks to hire more than 40 people over the next 10 months.

Neat’s €10 million seed round was led by Octopus Ventures with New Alpha, Mundi Ventures, Future of foundersand participating undisclosed angel investors.

Like Berlin’s Hakuna, a service that offers “an AppleCare-like experience anywhere, no matter where or which e-retailer you choose to shop,” Neat provides retailers with a built-in white-label insurance product that they can offer to their customers.

Ultimately, the service aims to increase revenue and improve customer loyalty while helping to reduce carbon emissions by eschewing the throwaway attitudes of a society of the past in favor of repairing, restoring and reusing items.

Founded in May this year by a former Barclay’s executive Fabien Cazes and a longtime professional in the insurance industry Maximilian Daweswho together have over 30 years of experience in the field, according to the startup, Neat has already attracted over 100 customers including Floa Bank, Casino, Maeva, Ecox and has grown by more than 350% in the number of transactions in the last month.

About the Octopus Ventures investment Nick Sandow commented: “Individuals and businesses will spend more than $80 trillion on insurance over the next decade, but the gap between the level of coverage people have versus what they need is widening. Neat recognized this gap in the market and the team jumped at the opportunity to offer a solution that actually met the customer’s needs. With their no-code solutions, experience and industry connections, we believe Neat will be a best-in-class embedded insurance platform and we look forward to continuing to work with the team.”