Paris-based Coverd, an insurtech specialising in smartphone coverage, has just completed its first fundraising round of €1.2 million with several private investors, including the French investment fund Newfund. Coverd will use these fresh funds to boost its position and become a leader of mobile insurance in France.
In a market where insurance covers users from the date of purchase, Coverd is one of the only French insurtechs capable of protecting a ‘post-purchase’ smartphone. This means that whether the phone is new, used, second-hand, re-conditioned or even rented, users can sign up for Coverd’s service. Even when the phone is broken, Coverd provides its customers with repair solutions, ahead of subscription.
Created in April 2019 by Hugo Saias, former co-founder and CMO of the startup Save specializing in smartphone repair, Coverd offers a monthly subscription without commitment and 100% online to cover your smartphone. The startup is positioned as an ultra-responsive partner, always available 7 days a week in case of problems.
Its founder started from a simple observation: the smartphone has become an indispensable tool of everyday life with a strong emotional connection. These devices are becoming more expensive and the materials used more and more luxurious. But accidents can happen. A study reveals that 50% of under-35s break their smartphones in the first year. Unfortunately, in the case of loss, breakage or theft, insurance processes are such that they do not offer the quality of service expected by consumers, and users often end up having to pay for increasingly expensive repairs. The question is no longer whether it is useful to protect your smartphone, but how to protect it.
“In the event of a claim, most traditional insurers find the small line on the contract so as not to have to compensate their customers. Our service was created to meet their needs: a digital-only subscription, which covers them with all risks, without commitment, with a high quality of service. By offering a better user experience, we are the preferred insurer for individuals to protect their smartphone!” says Hugo Saias, CEO and founder of Coverd.