French insurance technology startup Tulip has raised €1m ($1.14m) from a group of business angels and venture capital firm Side Capital. Tulip was founded in 2019 by Amaury Delagarde, Vincent Legal and Thibaut Van der Werf, and offers insurance for rented equipment. The company allows renters to create a contract and file claims through an automated SaaS platform. Tulip's partners include Opteven, Seyna and Wakam. The funds raised will improve the platform's capabilities and enable Tulip to expand its offerings to include winter sports equipment rentals.
The company's platform currently offers embedded insurance coverage as well as on-demand insurance for rented equipment. Tulip is one of the growing number of insurtechs leveraging technology to disrupt the traditional insurance industry. By offering on-demand insurance products that can be tailored to the needs of the customer, insurtechs like Tulip are able to provide more flexible and affordable insurance options.
Business angels are high-net-worth individuals who invest in early-stage startups in exchange for equity. They are often experienced entrepreneurs, industry experts, or successful business people who can provide valuable mentorship and guidance to startups. Side Capital is a venture capital firm that invests in early-stage startups and provides support to help them grow and scale.
Tulip's ability to automate the insurance process and provide a seamless experience for renters has helped it stand out in the crowded insurtech space. The company's partnership with established insurers like Opteven, Seyna and Wakam has also helped it gain credibility and build trust with customers. With the additional funding, Tulip is well-positioned to continue expanding its offerings and disrupting the traditional insurance industry.