At just under 23 years old, Quentin Fabre and Dorian Jorry are closing in on an initial fundraising of 2.2 million euros to develop their built-in insurance solution for professionals. Originally called Riskee, the 100% online insurance for professionals is changing its name to Olino. A new identity and means to seduce France, but also to conquer Europe.
“In our development strategy, we are not waiting to conquer the French market to move to a European scale. We want to get there before a competitor arrives in France., smiles Quentin Fabre. While the insurance broker had only four people before the summer, the start-up has grown with 14 employees, while five positions remain to be filled. To achieve this, Olino relied on Newfund, an investment fund with a dual presence in France and the United States, which focuses on international development; at Astorya.VC, an investor specializing in InsurTech or even at the Toulouse-based MCapital to bring local roots to the two young people. Three Business Angels complete the tour.
In the starting blocks
Quentin Fabre and Dorian Jorry had already been contacted by investors in 2021 after their startup was selected among the promising young shoots of the financial magazine Challenges. So at the end of business studies, the two friends had rejected the proposals and preferred to bring their thinking to maturity, even though their first version had proven itself. “In six months, we already had 200 professional customers. We provide an answer to freelancers, startups, scale-ups, VSEs and SMEs who wonder about their insurance, the relevant guarantees and who are looking for a simple way to insure themselves”.
Olino claims that in a few minutes online, a company can take out an insurance policy and benefit from coverage adapted to its activity and its expectations. “We have identified more than 600 activities for which our algorithm selects the best guarantees. Each customer can then personalize their contract, there is no standardization”. Educated far from the world of insurance, the two young founders do not hesitate to break the codes, wanting above all to be “a tech company” for on-board insurance.
To see further
As an insurance broker, Olino negotiates with insurance companies, especially Anglo-Saxons, who continue to bear the risk. To take advantage of the acquired terms, customers can approach the startup directly or through a partner such as Axonaut or IPaidThat. “We operate as a white label or gray label in a regulated sector”. Managerial liability, civil liability, cyber security, etc. Today, 700 companies use Olino’s skills to insure themselves. In 2023, the startup plans a series A of between 10 and 13 million euros to further accelerate development.