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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 several other enterprise angels.
Evy desires to convey an AppleCare expertise to different manufacturers and retailers. Primarily, the startup desires to create a seamless expertise with regards 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 — but it surely might additionally companion with different insurance coverage firms 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 example, Evy has signed a partnership with ManoMano, a house enchancment and gardening e-commerce platform that I’ve coated over time. When a buyer is shopping for a product on ManoMano, they’ll add multi-year protection in opposition to breakage, breakdown and/or theft.
What makes Evy stand out from legacy gamers is that it might create custom-made insurance coverage merchandise in little or no time. As an example, ManoMano has 25 totally different product classes throughout 4 international locations. Evy has created 25 tailored insurance coverage packages 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 answer to repair the product. It plans to place collectively a restore community. If it doesn’t work, Evy makes a fee to the client.
And the distribution methodology ought to work fairly nicely as Evy shares some income with its retail companions. Some large retailers, similar to Darty or Finest Purchase, already generate vital income from insurance coverage merchandise. Evy desires 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 wish to supply all buyer providers which can be related to merchandise. They’re helpful for each the service provider and the top person,” 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 are able to subject a trade-in supply so that you could get the newest product,” he added.
There are some firms within the U.S. specializing in the identical trade, similar to Clyde and Lengthen. In France, Evy competes with Neat.
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