Evy, a new insurance company with the promise of greater product protection, raises $6.4 million from Sequoia

• ByStartupStory     |    October 27, 2022

Developing extended warranties and product protection insurance is Evy, a French firm. Sequoia, La Famiglia VC, Global Founders Capital, and a number of business angels contributed to the company’s $6.5 million (€6.5 million) seed round. Evy hopes to give other brands and merchants an AppleCare experience. The startup’s main goal is to make adding product protection at checkout and having decent coverage right out of the box a seamless experience.

The firm works with Wakam as an insurance broker to spread the risk, but it may possibly collaborate with other insurance providers in the future. On the other hand, it collaborates with merchants to include Evy’s insurance products on their websites or attempt to sell an extended warranty in-person. For instance, I’ve written about the home improvement and gardening e-commerce portal ManoMano, with which Evy has partnered. A consumer can purchase multiyear coverage against damage, breakdown, and/or theft while purchasing a product on ManoMano.

Evy distinguishes itself from established players by quickly producing customised insurance plans. For instance, ManoMano offers products in 25 distinct categories across four nations. In just a few months, Evy has developed 25 customised insurance products. As Evy focuses on API-based connectors, retailers can also create extensive integrations with the platform.

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