Evy, who claims the role of an onboard and environmentally responsible insurance broker, announces that he has raised €6.5 million in funding, mainly from the US fund Sequoia, and from business angels.
Launched in 2022 by Simon Kemoun, Shana Azria and Tanguy Le Stradic, Evy is positioned as an environmentally responsible onboard insurance broker; it intends to revolutionize the world of product protection for merchants and e-merchants operating in Europe by offering innovative customer journey solutions.
Insurtech, which already has about ten customers, aims to become the insurance champion for all categories of products and services for online and in-store sales channels.
While a new generation of product insurers has emerged in the US, the European market remains timid. Thus, only a few traders offer protection offers. The best known among them are Darty, Fnac and mobile phone distributors. Among the 100 largest French e-tailers likely to sell product protection plans, 75% have not taken advantage of this option to date.
Evy, a new generation of insurance brokers, brings new life to this market by offering a customer experience and an innovative integration of product protection for goods and services covering, for example, breakdown, breakage or theft. The start-up wants to offer a growth driver for merchants and e-tailers with flexible and agile solutions, guaranteed by leading insurance partners. Committed to more responsible consumption, the company prioritizes repairing products rather than replacing them, an approach made possible thanks to its extensive network of repairers.
To Simon Kemoun, CEO and co-founder of Evy, “by choosing Evy, our investors confirm the relevance of our innovative model. This is the signal that our offer meets an ever-increasing demand from merchants and e-merchants who want to offer the best shopping experience to their customers. This funding will enable us to take part in the development of the European on-board insurance market, estimated at €45 billion, by developing our product protection solution and continuing our recruitment efforts.“
And Stephanie Zhan and George Robson, partners at Sequoia, added: “We are delighted to partner with Simon, Shana and Tanguy, the founders of Evy, to redefine product insurance in Europe. Their pan-European partnership with ManoMano is testament to the quality of their solution and the experience offered. We look forward to see Evy seducing many other retailers in France and Europe in the near future.”
The start-up is expanding its service to brick-and-mortar businesses beyond e-tailers and has already set up in Italy, Spain and Germany before arriving in the UK on schedule in 2023.
An integrated protection solution
EVY provides a turnkey product protection solution that is fully integrated into merchants’ sales journeys. With easy implementation thanks to plug-ins that can be configured in a few clicks, and support from A to Z, including damage management, EVY is a formidable effective tool.
“Our solution is a significant growth relay for traders who adopt it and customer loyalty. They benefit from a first-class service that gives them peace of mind at the time of purchase.. With Evy, we are also committed to a CSR approach by favoring the repair of products over replacement by developing additional services such as buy-back, recycling or refurbishing..” adds Simon Kemoun.
For Cédric Torossian, Head of Services/New Business and Partnerships ManoMano: “Evy enabled us to integrate a complete insurance offering in record time thanks to a real understanding of our challenges and operational agility”.
In less than 4 months, Evy has actually rolled out more than 25 customized insurance programs for ManoMano in as many categories in 4 European countries.