The financing was spearheaded by Notion Capital and VR Ventures/Redstone, with noteworthy support from key figures in the FinTech and InsurTech sectors, as well as seasoned angel investors, as reported by tech.eu.
Established in 2021, Orus initially concentrated on providing specialised insurance solutions for restaurant owners in the hospitality sector. Over time, the insurtech company has broadened its portfolio to meet the diverse requirements of SMBs, retailers, and freelancers. One of Orus’s standout features lies in its swift online onboarding process, taking a mere three minutes.
Buoyed by this substantial capital injection, Orus is poised for an ambitious growth trajectory. The company outlines plans to double its current team of 25 professionals over the next year, with a focus on hiring experts in technology, insurance, and data. Additionally, the Paris-based company aims to introduce innovative insurance products, sustain its scaling efforts in the European market, and is gearing up for a market entry into a new territory in 2024.
According to reports, Orus remains steadfast in its commitment to addressing the insurance needs of SMBs, a demographic often overlooked by traditional insurance providers. The company’s approach involves offering a new generation of modular insurance solutions that can be seamlessly acquired in real-time. This empowers small-business owners to tailor their policies, paying only for the coverage they specifically require. With the support of this funding round, Orus is strategically positioned to extend its reach into new European markets, further underscoring its role as a disruptor in the insurance landscape.
Itxaso del Palacio, General Partner, Notion, said, “At present, insurance products are mainly designed for large corporations and don’t satisfy the needs of the SMBs. Orus is providing a new generation of insurance solutions that are modular and can be purchased in real-time, allowing small-business owners to build and pay only for the policies they need. The team has a clear understanding of the distribution channels, and we believe they are well positioned to grow into new European markets with this funding round.”
Author: Joanna England
