Startupbootcamp InsurTech has announced that CBien will join the ten selected InsurTech startups on its 2017 program, as Startup in Residence.
CBien provides a digital platform that allows users to manage, value, and protect their belongings in a single app. Various technologies, such as bar code scanner or invoice optical recognition, can be used to easily create an inventory of items, and CBien’s algorithm determines the value of the items, which can then be managed or insured. Currently, CBien has six insurers in its cap table, including three partners, which make over 50% of the home insurance market in France.
CBien has fundraised €2.4 million to date, and is currently raising their Series A, highlighting the growth of InsurTech deals. According to CB Insights’ recent InsurTech Report, deal activity in the insurance tech space reached its highest annual total in 2016, hitting $1.69 billion across 173 deals.
By joining Startupbootcamp InsurTech’s 2017 cohort as a Startup in Residence, CBien will be able to pass onto the younger startups the experience and knowledge it has acquired thus far in its entrepreneurial journey. CBien will also receive the benefits of the program, including access to Startupbootcamp InsurTech’s partners and network, which will assist CBien to scale and enter the U.K. market.
Sabine VanderLinden, Managing Director of Startupbootcamp InsurTech said, “We are delighted to welcome CBien to our London program and look forward to supporting the team on its international journey. Currently we see a high level of interest in micro and on-demand insurance, however a lot of change is predicted this year. We look forward to seeing young and later stage startups collaborate with one another and gain experienced guidance from more mature ones.”
CBien’s CEO, David Gascoin, added: “CBien is a French company, expanding its concept at an international level. Startupbootcamp InsurTech provides access to a market of targeted countries and will support us in developing partnerships with leading international insurance companies.”
CBien’s app is currently publicly available in French with a private English Beta available in certain circumstances. A full English version of the app will be available in the coming weeks.