+Simple secures €90 million in growth financing led by KKR and completes three European acquisitionsMarch 10, 2022
+Simple, the first brokerage insurtech to digitize and industrialize the entire insurance value chain for self-employed professionals and small businesses, accelerates its development in Europe.
· The insurtech announces a total growth financing of €90 million, led by KKR’s Next Generation Technology Growth Fund II and with participation from +Simple’s founders, Tikehau Capital and existing investors Eurazeo and Speedinvest.
· KKR’s commitment reflects its strategy to support European tech champions such as +Simple in their growth ambitions.
· +Simple is also acquiring three European companies to strengthen its activities in specific professions (i.e., medical and small business insurance sectors). Over the past two years, +Simple has now completed seven acquisitions demonstrating an exceptional growth rate in European fintech.
· The acquisitions and financing further solidify +Simple’s position as a leader in digital brokerage for all professionals.
Paris, March 10, 2022 – +Simple, a leading European digital insurance brokerage platform, today announces the strengthening of its business after securing €90 million in growth financing led by KKR, a leading global investment firm, and the acquisition of two new independent brokers: Alians in France, Carl Rieck Assecuradeur in Germany, and Marintec, an underwriting agency in Italy. The financing and transactions are subject to customary closing conditions.
The growth financing and recapitalization of existing shareholders, led by KKR through its Next Generation Technology Growth Fund II, will enable +Simple to pursue continued strategic expansion of its platform supported by KKR’s extensive expertise and resources in insurance and across its global, multi-asset class platform. +Simple’s founders participated alongside KKR and existing investors Eurazeo and Speedinvest in the financing, as did Tikehau Capital which took a stake in the company and raised debt to further accelerate +Simple’s growth.
The recent acquisitions strengthen +Simple’s distribution networks in specialist end-markets, particularly in the medical sector and among small businesses:
· Founded in 1980, Alians is a French insurance brokerage and consulting firm specializing in business risks in non-conventional medicine. The company had a turnover of nearly €2.5 million in 2021 and is experiencing growth of nearly 10%.
· Founded in 1982, Carl Rieck Assecuradeur is a German underwriting agency specializing in self-employed professionals and small businesses. The company had a turnover of more than €6 million in 2021 and works with more than 2,000 German brokers.
· Founded in 2000, Marintec is one of the few Italian brokers specializing in medical risks that has a network of over 100 distributors. Marintec had a turnover of €1.5 million in 2021 and is experiencing double-digit growth.
“We are privileged to welcome KKR, one of the world’s most respected funds, to the business and believe their expertise in the insurance sector globally and track record in growth investing makes them ideally placed to support our development. Moreover, our ability to raise debt from a player such as Tikehau Capital demonstrates confidence in our strategy and capacity to generate both strong growth and profitability “, said Eric Mignot, Chairman and Founder of +Simple.
Eric Mignot added: “We are also very pleased to welcome Alians, Carl Rieck Assecuradeur and Marintec to the platform. These complementary operations will allow us to expand our distribution capabilities and better service small businesses and professionals across health, wellness and other specific professions in Europe”.
“We are very pleased to invest alongside +Simple’s management team as they set out on their next phase of growth. +Simple is a leader among digital brokers for small businesses and the self-employed in France and is well-positioned to expand both organically and inorganically across Europe. We have continued to be highly impressed with +Simple’s technology, business model and management team and look forward to supporting their ambitions to accelerate their deployment in a number of European markets“, added Patrick Devine, Director at KKR.
“Tikehau Capital is delighted to support +Simple in accelerating its growth projects and profitability. We are grateful to +Simple’s management for placing their trust in us. In addition to arranging a private debt financing solution, Tikehau Capital will become a long-term partner of +Simple, providing it with the means to capitalise on promising opportunities in high-growth markets,” said Laura Scolan, Head of Private Debt for France at Tikehau Capital.
Founded in 2015 in France, +Simple’s products are tailored for self‐employed workers and small businesses in specialist end‐markets across France, Germany and Italy. +Simple acts as a wholesale broker and distributes insurance products via a network of retail brokers, partnerships with insurance carriers and generalist brokers who white‐label +Simple’s technology, and directly to end customers. The company’s revenues grew by 100% in 2021 following the acquisition of four business: April Entreprise Est, Aleade and S4Y in 2020 and Crealinks in 2019, and the business now has nearly 100,000 customers covering 500 trades across France, Germany and Italy.
+Simple provides self-employed professionals and SMEs with a digital insurance broker that simplifies the underwriting of business insurance. Its founding mission is to facilitate all insurance procedures for professionals by providing them with a one-stop shop, supported by its insurance partners. With a strong presence in France, +Simple now covers 500 professions through 29 adapted solutions. The company has more than 100,000 customers and 98 employees.
To learn more about +Simple, visit: https://www.plussimple.fr/
Follow us on @plussimple_fr and on our LinkedIn page
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries.
For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Tikehau Capital
Tikehau Capital is a global alternative asset management group with €34.3 billion of assets under management (as of 31 December 2021). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€2.9 billion of shareholders’ equity as of 30 June 2021), the firm invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 683 employees (as of 31 December 2021) across its 12 offices in Europe, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP).
For more information, please visit: www.tikehaucapital.com
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