Grace, an insurance company for luxury content, has announced a .4 6.4 million (€ 5.9 million) seed round led by Fintectiv and Speedinvest.
Grace, an insurance company for luxury content, works with luxury brands to protect the purchased consumer products. If an item is stolen or damaged, a customer can create a claim via Grace App. For the brand, the Grace App also provides fraud detection, processing claim processing and logistics. The company on Wednesday announced a .4 6.4 million (€ 5.9 million) seed round led by Fintectiv and Speedinvest.
It has confirmed that it is working with at least one large luxury brand in Europe, though it has refused to share the name.
Co-founder and President Lu Dana said that he and his co-founder-CEO Quantin Roy and Grace’s CTO Martin Lenwater-Martin Lenwater-luxury products decided to launch the company, especially when people are traveling abroad.
Dana said, “The promise of the luxurious brand of the service level and what happened after buying something was clearly a huge gap between the purchase.”
Stolen There is almost In the past few years, it has grown three times, and it is becoming Expensive for fashion house To keep up with Grace says it is already working with the world leader Chub in the insurance, to underwrite and secure its services.
However, it is not always the easiest task of tasks to explain luxury homes for adoption of new technologies. Roy said that brands fought to control what happened to their products after sale, especially when it goes wrong. “We were not just giving protection,” Roy said about the company’s pitch. “We were helping them to improve their brand.”
There are other types of insurance companies for consumer products, such as zing cover, which provides expert insurance for luxury products. Roy said that Grace was not just competing with a company because it stood at the intersection of embedded insurance, luxury services and post-purchase protection. Kima, BPI France and Firstminitectapital all participated in this round.
Dana said the fresh capital will be used to scale the company across Europe and to recruit more people in product engineering. It is hopeful that it will cover more than 200,000 luxury items at the end of this year.