A UK-based startup Setoo that turns insurance into a powerful business accelerator, transforming the online customer experience and generating new revenue streams, has reportedly secured funds amounting to $9.3 million in Series A funding round. The particular funding round was led by AXA’s ‘Insurtech’ startup studio, Kamet.
This funding round has brought the total amount raised to date to $12 million. With these funds, the company plans to expand in every aspect and give an aggressive fight to its rivals such as ZhongAn, Moonshot and Qover.
“In French ‘c’est tout’ means ‘that’s it’. My chose the name Setoo to symbolise how simple and quick it is to create effective new protections products using the platform, and the simplicity of the products created for the consumer. This investment from Kamet is key to helping us expand across the EU and build further new products to empower more businesses to take control of insurance for their consumers,” said co-founder Eyal Gluska.
With this investment, AXA’s strategy is to build more impactful insurance platforms as one of our four key priorities for innovation and to become a partner for the end customer.