What: Orus is an insurtech startup that is developing bespoke insurance products for small and medium-sized businesses. Each version of its insurance products are tailored to the specific needs of each business and industry. Orus has begun by targeting the restaurant industry with insurance that would cover such areas as general liability, property damage, legal issues, and business interruptions. Its platform allows the company to manage the complexity of insurance products and personalize the offering, producing a quote in just a few minutes.
Why: There has been a boom in personal insurtech startups, but the professional market has not drawn the same attention. This market still turns to traditional players, but these incumbent insurance companies don't tend to specialize in the SME market because they see the market as too costly to cover. Orus estimates that there is a European SME market of 24 million that could benefit from its services.
Who: Co-founders are Côme Dartiguenave and Tom le Bras (both former investors at Partech), Samuel Rossille (ex-CTO of Kapten, Frichti, and JobTeaser), and Amin Toussi (ex-Head of P&C partnerships and reinsurance at Generali).
Seed Round: €5 million
Investors: Frst, Partech, Portage Ventures and about twenty business angels such as Pierre-Olivier Desaulle (ex-CEO of Hiscox Europe), Raphaël Vullierme (CEO of Luko), and Arthur Waller (CEO of Pennylane)
What's next: Orus will use the money to increase marketing and double its workforce. The company will rollout out new products to address other industries beyond restaurants and extend its reach across Europe.