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Meet Evy, a French startup that’s engaged on prolonged warranties and product safety insurance coverage. The corporate raised a $6.5 million seed spherical (€6.5 million) from Sequoia, La Famiglia VC, World Founders Capital and a number of other enterprise angels.
Evy needs to carry an AppleCare expertise to different manufacturers and retailers. Basically, the startup needs to create a seamless expertise relating to including product safety at checkout and a few good protection out of the field.
The startup acts as an insurance coverage dealer and companions with Wakam to cowl the danger — nevertheless it might additionally associate with different insurance coverage corporations sooner or later. On the opposite facet, it companions with retailers in order that they embed Evy’s insurance coverage merchandise on their websites or attempt to promote an prolonged guarantee in shops.
As an illustration, Evy has signed a partnership with ManoMano, a house enchancment and gardening e-commerce platform that I’ve coated through the years. When a buyer is shopping for a product on ManoMano, they will add multi-year protection towards breakage, breakdown and/or theft.
What makes Evy stand out from legacy gamers is that it could possibly create custom-made insurance coverage merchandise in little or no time. As an illustration, ManoMano has 25 completely different product classes throughout 4 nations. Evy has created 25 tailored insurance coverage applications in just some months.
Equally, retailers can develop deep integrations with Evy because the insurtech startup focuses on API-based integrations.
If there’s something mistaken with the product, Evy first tries to discover a resolution to repair the product. It plans to place collectively a restore community. If it doesn’t work, Evy makes a fee to the shopper.
And the distribution methodology ought to work fairly effectively as Evy shares some income with its retail companions. Some large retailers, corresponding to Darty or Finest Purchase, already generate essential income from insurance coverage merchandise. Evy needs to supply an answer for the lengthy tail of e-commerce and brick-and-mortar shops.
Evy isn’t simply an insurance coverage play. There’s an even bigger imaginative and prescient round product lifecycles. “Ultimately we need to supply all buyer providers which can be related to merchandise. They’re helpful for each the service provider and the top consumer,” co-founder and CEO Simon Kemoun advised me.
“They’re all switching to the round financial system. We all know when a product is beneath guarantee and we all know when there was no incident. We will difficulty a trade-in supply with the intention to get the newest product,” he added.
There are some corporations within the U.S. specializing in the identical trade, corresponding to Clyde and Lengthen. In France, Evy competes with Neat.
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