BlackFin and MTech invest in Akur8
Paris-based start-up Akur8 has raised EUR8 million (USD8.9 million) in a Series A funding round from BlackFin Capital Partners and MTech Capital.
The round brings the startup’s total funding to EUR10 million (USD11.2 million) following initial investment and incubation from Kamet Ventures in 2018.
Akur8 is a SaaS Insurtech startup specialised in insurance pricing optimisation using AI, aiming to address the insurance industry’s issue of ever-increasing pressure to find a way to offer quick and appropriate prices for retail and commercial insurance customers.
Continental private equity firm BlackFin has offices in Paris, Brussels and Frankfurt. Julien Creuzé, managing director at BlackFin Capital Partners, says: “Akur8 has developed a highly differentiated AI-based solution for risk modelling and pricing, with tremendous value potential for the insurers who embrace it.”
According to Akur8, its platform can build risk models more than ten times faster than the traditional manual process, reducing the pricing time to market to hours rather than weeks. It is currently deployed by multiple insurance companies throughout Europe and The Americas.
Samuel Falmagne, founder and CEO of Akur8, said that the company’s product “gives carriers the ability to meet customers’ expectations for real-time pricing while improving the accuracy of their risk assessment, thus significantly reducing their loss ratio.”
“Our investment thesis is centred around backing visionary founders with the ambition to transform insurance through the use of technology. We are proud to be backing Akur8 as a unique player solving a critical issue for the entire industry,” says Kevin McLoughlin, partner and co-founder of MTech Capital.