The Olino startup, AssurTech, which offers different insurance solutions for professionals, recently completed a fundraising of 2.2 million euros. Business Cool spoke with Quentin Fabre, CEO and co-founder of Olino, to learn more about the startup’s projects.
Everything you need to know about Olino
Who are you ?
With Dorian (co-founder) we met at school at Rennes School of Business. Coming from completely different backgrounds, I followed an ECS preparatory class in Annecy while Dorian obtained a DUT in Logistics and Transport in Lyon. Both determined to propel our professional careers and hungry for responsibility, we joined the Junior-Enterprise Brittany Council. Through this experience, we very quickly developed a taste for the professional world, more particularly that of entrepreneurship, and we were able to develop our professional network.
Our complementarity in work led us to work together in addition to being friends from the start. We then decided to go to Taiwan together during our university exchange to discover a new culture. Through our excursions and our discoveries of landscapes and disruptive methodologies, we also discovered a strong attraction for technology and innovation.
In Asia, high-tech and information systems are particularly developed and their diversity of use is much more advanced than in Europe. This discovery, combined with the issues raised with the entrepreneurs we met, pushed us to embark on the professional insurance revolution in France, with an additional challenge: being more than 10,000 kilometers from France and being a student. At that time we were only at the end of the first year of our Masters. Once Olino was launched, for more than a year we had to combine our studies and the management of a first team of 5 people. Dorian chose to continue in MSC Supply Chain, while I continued in MSC International Finance. At the end of our Master 2 we were able to devote ourselves fully to our company and accelerate.
What does Olino do?
Olino is an insurtech, we have developed different insurance solutions for professionals, from freelancers to SMEs. Thanks to a 100% digital journey, all professionals can obtain insurance in 3 minutes, with complete simplicity and complete transparency since our contracts are customizable. But above all, we are today a leader in embedded insurance. Very simply, we have developed technologies that allow any B2B player (neobank, Saas, chartered accountant) to distribute white or gray label insurance. It’s a bit like the Stripe of insurance.
Among our first achievements, we can cite our selection in 2021 in the 100 Startups where Invest in Challenges while we were still students. Olino is today a team of 14 highly motivated employees, several hundred insured companies (including well-known names) and more than 30 partners who integrate our on-board insurance solutions including Axonaut, Silvr...
Olino’s fundraising
Why did you raise funds of 2.2 million euros?
In fact, we have just completed our first fundraising for 2.2 million euros. This is an important step in the Olino adventure which will allow us to continue and maintain our technological lead in the insurance sector, but not only that.
These funds will allow us:
- To expand the team, marketing, sales, tech, product, many positions are to be filled!
- To continue to develop our embedded insurance solutions for all B2B players (neobanks, SaaS, etc.),
- And above all to launch our European strategy!
Why did you choose to bring these investors into your capital?
Olino has chosen to bring Newfund, Astorya.VC, MCapital, Business Angels into its capital
The most obvious reason is acceleration. We are young (23 and 24 years old) and we needed funds to achieve our ambitions. Astorya allows us to have real legitimacy in the insurance sector on a European scale, while Newfund brings us its international expertise as a Franco-American fund, and after having invested in a few unicorns including Aircall. Finally MCapital, and our Business Angels bring us new complementary skills which consolidate the board.
What will Olino look like in 5 years?
In 5 years it’s hard to say as there are so many opportunities. One thing is certain, Olino will be European, and will be among the leaders in B2B insurance. The ambition is simple: to become the Stripe of insurance in Europe.
