Mandalore Partners announces its first investment in an innovation accelerator. This partnership between the Start-up & Spin-Off Studio Ker and Mandalore Partners will allow Mandalore to:
Invest in the Start-up Studio Ker
Create a vertical in Insurtech with APICIL group, a non-profit French corporation focusing on social protection in the “Auvergne Rhône-Alpes” (AURA) region
Develop tech innovation in SMBs in the AURA region on others verticals with corporates
The AURA region is a great source of high-potential SMBs (nearly 3000 of them, the highest concentration in France), but struggles to scale due to a lack of tools to deploy these innovations. These promising companies generally need follow-up and financing.
Established in the heart of Lyon Tech-La Doua campus in Villeurbanne (22,000 students), the Start- Up Studio KER has access to the best French engineers and to 23 labs from INSA structured around multiple verticals, especially health. Ker is a Start-up & Spin-Off studio specialized in the creation and acceleration of tech projects in collaboration with the startups. Ker also provides seed money to the best startups. Its core technologies include in particular GreenTech, HRTech, FoodTech and SportTech.
The Start-Up Studio Ker focuses on a proven methodology and has the role of tech innovation catalyst. Ker identifies business-related needs with high added-value for its stockholders and partner companies, then gathers a team of high-potential engineers with complementary co-founders in order to launch entrepreneurial projects in optimal conditions for success. Mandalore Partners has been seduced by the multiple shared resources, the multi-disciplinary team, the market knowledge of partner companies and the privileged relations with labs and engineering universities (especially INSA Lyon) of Ker.
In addition, this investment will allow the establishment of a new vertical founded on insurance. This vertical will focus on three industries: digital insurance products (neo-insurance), Data and Artificial Intelligence especially targeted at prevention and services to insurers and brokers (marketing and sales). This investment thus fulfills the joint goal of Mandalore Partners and APICIL to address clients’ needs through innovation.
Other verticals besides insurance, such as digital, transports and energy, will be addressed in partnership with corporates. Financed projects will benefit from support on governance, fundraising, financial management, HR management and public relations.
« We are delighted to partner with APICIL and Mandalore Partners in order to help emerge new businesses around insurance, prevention, and health in corporations. Ker is open to other collaborations in order to build new verticals, based on its creation methodology and investment tool. » Sébastien Perros, CEO of KER.
« Mandalore once again highlights its capacity to support partner companies in their innovation approach and deployment of regional partnerships. Our sector expertise in InsurTech allows us to identify relevant projects in order to create appropriate innovation synergies. We are convinced that they will know how to benefit from it and put themselves at the forefront of InsurTech »Minh Q. Tran, Managing Partner and Founder of Mandalore Partners
« Convinced that open-innovation is the way to go about transformation, the APICIL group has actively joined support programs for startups and Intrapreneurial projects. This partnership is a new opportunity to develop innovative ideas coming internally, in order to transform our job as insurers and bring a new customer experience thanks to this collaboration with Ker and all of its multi-disciplinary partners. »Marie Christine Eudes, Director of Innovation and Services at Groupe APICIL
Picture: Mark Koch
Defined as an efficient blend of strong, positive, environmental and social impact alongside financial returns in an investment, Impact Investing is still considered to be a new trend in the investment world.
Investing in opportunities in both developed and developing markets to support the economic and social development of disadvantaged communities, in areas such as health, education, housing, and financial and economic inclusion, or supporting worthwhile social objectives or environmental objectives such as encouraging diversity, developing sustainable agriculture or clean technologies with an intention to measure and manage social and environmental impact, remains a peripheral sustainable and responsible investment (SRI) strategy to most investors in Europe.
Source: Eurosif
However, it’s importance is rapidly increasing: according to Eurosif, impact investing continues to grow registering a 6-year CAGR of 52% in period of 2011-2017.
Source: Eurosif
For 2019, market size estimates vary from as low as 11,8 billion Euros (Global Impact Investor Network, GIIN) to as high as 108,6 billion Euros (Eurosif), which shows that defining European impact investing market size unilaterally is challenging...
Source: https://impactdatabase.eu/read/
Limited consensus on the definition. One of the reasons for such radical difference between estimations is limited consensus among mainstream investors and specialized niche players on the definition of impact investing. The lines between different forms of Sustainable and Responsible Investing (SRI), ESG Investing and Impact Investing are still quite blurry, definitions and calculations vary, which demonstrates that the market is yet to mature.
Lack of reliable aggregated statistical data. That is a known weakness of the on the impact investing market in Europe. GIIN might seem to be one of the most reliable sources for Impact Investing market data, however, it only conducts annual surveys amongst its member list, which does not include all impact investors and not all those on that list might be dedicated to only impact investing. Other sources, such as Eurosif, do report on a broader SRI market, however, recent comprehensive studies on impact investing in Europe in particular are difficult to find.
Absent unified impact measurement system. Since there are no internationally standardized regulations for impact measurement in investments, it is quite easy to self-proclaim as an impact investor, or not categorise yourself as one, which makes it difficult to keep track of all impact investors.
Western Europe dominance. In Europe, impact investing markets vary greatly from country to country. Impact investors have more established presence in Western Europe compared to Eastern Europe due to older traditions of institutional investing, presence of well-established financial actors such as pension funds and insurance companies as well as more engaged action against social and environmental issues.
According to Eurosif, impact investing is notably increasing in Spain and Italy, with positive signs observed in Sweden, Belgium and the UK. In case of the Netherlands, the sharp fall in Eurosif study is “largely explained with a respondent gap rather than a shift in trends”. The country remains one of the most important hubs for developing and implementing the way forward for impact investing.
Source: Eurosif
UK’s leading position. In Anglo-Saxon countries with liberal welfare states such as United Kingdom, impact investing market has been developing much quicker and took a leading position with players such as Big Society Capital. In market since 2012, it manifested as an effort of the UK government to efficiently provide capital for the existing intermediaries and build the market; it remains one of the key British players in the field.
New impact investing hub - Paris. However, due to Brexit taking place, more impact investors are seeking to establish their presence in the continental Europe. Paris, for example, has become an important hub for Impact Investing, with many impact related events taking place in the French capital. Paris Impact Investing Association has taken efforts to create an ever-evolving ecosystem map encompassing at least 30 active impact funds in Paris and beyond further fortifying its position as new impact hub.
Largely unexplored Eastern and Central Europe. While the iron curtain is long gone, the difference between stages of development in impact investing market between Western and Eastern Europe are showing that its effects are still felt. According to the last GIIN Annual Impact Investor Survey (2019), we observe that the number of headquarters of impact investing funds in Eastern Europe combined with Russia and Central Asia reach only 1%. While that is not an indicator of a market size, it does demonstrate that local impact investing market has hardly started to form, as the main investor focus in this region has been economic growth in the past decades.
Eastern Europe, Russia & Central Asia combined: 1%
Source: https://thegiin.org/assets/Sizing%20the%20Impact%20Investing%20Market_webfile.pdf
That does not mean, however, that the market is non-existent. Deloitte has taken on an effort to measure market readiness in Eastern and Central Europe by introducing its Social Investment Leveraging Index. It has indicated that “the highest score was calculated for the Baltic States (50.3), compared with 40.7 in the Balkans and 50.1 in the group in which Bulgaria, Moldova, Romania, and Ukraine were included.” (Deloitte). Such scores show, according to Deloitte, that venture philanthropy and social investments would be worthwhile.
While it seems that public sectors are often lagging behind and innovation is largely driven by the private sector, there is great interest for public sector to engage in facilitating impact investing market growth as it contributes not only to the economic development and drives metrics such as GDP up, but also solves social and environmental issues. Increasing public sector efforts have been observed across Europe not only on the national level, but also EU-wide.
France. One way to explain the boom of impact investors in Paris, for example, is the push from the French government. Article 173 of the Loi n°2015-992 of August 17, 2015 related to the energy transition for green growth imposes impact measurement for bigger institutional investors. This law has indeed driven more investors to report on their impact, however, gaps are still noticeable: since no official methodology has been proposed, the quality of impact reports varies greatly, according to Novethic.
Germany. Development of impact investing market has been slower in countries with strong welfare state tradition such as Germany due to “the fact that mutual adaptation between SII (Social Impact Investing) and existing state-sponsored social welfare ideals has yet to take place.” (Bertelsmannstiftung). Nevertheless, we can observe recent market-building initiatives resulting out of the cooperation between public and private sectors. According to GSG research, Germany’s nascent impact market is gaining momentum: “existing funds have raised more capital, foundations have become active impact investors, existing intermediaries are developing new investment products, impact-driven organizations are increasingly securing investment and the market has stabilized.”
Germany’s challenges such as a small investor base, few intermediaries and little diversification, a limited number of investment products, few investment-ready impact-driven organisations are being actively tackled by a growing network of supporters and advisors, positioning it as an opportunistic growing market to be watched in 2020.
Europe. New EU regulatory efforts such as EU taxonomy for sustainable activities will undoubtedly stimulate EU markets, including the very youngest ones like Eastern Europe. But it will take more than EU’s efforts for these markets to fully mature: stakeholder coalitions and ecosystem building efforts by local entrepreneurs, investors and supporters are necessary for these markets to become investable.
There is no doubt that impact investing is becoming a very important part of the traditional investing landscape. With increasing amounts of proof that purpose-driven projects have increased financial value (Forbes), more and more institutional investors are turning towards investing in such enterprises. However, for impact investing market to flourish, few key market building milestones must be passed.
According to PlusValue research, key priorities for impact investing agenda are, unsurprisingly, establishing common framework for impact measurement, increasing public engagement in impact investing and defining of impact investing itself. This can be achieved by a closer dialog between private and public sectors, awareness raising and active participation of all stakeholders. This would lead not only to accelerated market development in the under-tapped areas of Europe, but also scale it further all over the continent.
Source: PlusValue
Research by @OdysseusPartner / @MortaKaz / @Minh_Q_Tran
About Odysseus Partners:
Odysseus Partners is an Asset Builder. Odysseus helps asset allocators source new Fintech startups, who are utilizing innovative technologies to assess new alternative asset classes.
Odysseus then enables investors to invest directly into equity investments, as well as to co-create alternative funds.
Odysseus thereby provides exposure to new pools of assets being created to support emerging busine=sses. Examples include covered bonds, insurance linked-securities and private debt, among others.
Besides investing, Odysseus also co-develops build-up strategies with these companies. The objective is to accelerate their scalability and to create business synergies through tech integrations and consolidations.
Founded in 2018, Odysseus works with family office and institutional fund managers who wish to invest at scale in both real and alternative assets, with strong exposure to startups seeking to disrupt traditional players in Fintech, Insurtech, Proptech, Wealthtech, and Impact Finance.
For more info: www.odysseuspartners.com
Contact: [email protected] / @Minh_Q_Tran
Launching from stealth, Sweat Equity Ventures is a new venture concept that trades operational and recruiting expertise for equity in startups.
Anjney Midha had a fresh $27 million in venture capital and the vision to build his augmented-reality startup, but he also had a problem. Midha needed to triple the size of his team to pull off the engineering feat of building his platform, and he was struggling to find the right people. That's when he was introduced to Dan Portillo, who had previously worked as the head of talent at Greylock Partners.
"I had a particular mental model of what an operating partner is, which is someone who was helpful, but kind of just gives you advice, and sits on the sidelines," Midha, founder and CEO of Ubiquity6, said. "Instead, Dan started to roll up his sleeves and understood exactly from a mission, vision, business-opportunity standpoint why what we were doing was so massive." It also helped that Portillo immediately offered up a dozen names of people to call to help build up Midha's team.
It's the kind of recruiting service Portillo once offered during his seven years at Greylock, but on a super-charged scale. He told Protocol he felt like operating partners at venture firms could only do so much when a firm's priority was dollar returns. So Portillo created Sweat Equity Ventures, which has been operating in stealth since fall 2018 and launches publicly Thursday, to build a new kind of venture model that trades operators' and recruiters' experience for equity.
Portillo's vision is backed by $30 million from Greylock partner and LinkedIn co-founder Reid Hoffman. He recognized that most venture investments trade a general partner and cash, along with some services, for equity. But Hoffman and Portillo wanted to push the idea further and see if founders would trade equity for value-adding services alone.
"It's a unique channel for equity that's different from the normal cycle of dollar returns," Hoffman said.
Instead of investing money, SEV puts its crew to work inside the startups, with staff in some instances even standing in as an acting CTO, writing code or coaching founders. It's even had partners' names appear on patents alongside startup employees. The companies pay SEV in common stock shares, the same held by the startups' rank-and-file employees, and SEV's team, in turn, get paid salaries by the firm and also receive part of the firm's carry like a traditional venture model. SEV staff will stay on within a startup as long as they're needed to carry out the roadmap for the company they committed to when they "invested."
Venture firms for years have been expanding the services they offer entrepreneurs and started using them as a competitive edge to win deals. In Portillo's seven years at Greylock, part of his job was coming in to close hot deals by placing workers at a company. Portillo found some of the earliest employees for Instagram before Greylock invested (it was then bought by Facebook just a few days later). Despite the expansion in services, most venture funds still follow the traditional model where 2% of the fund goes to covering the firm's operational costs, with a large portion diverted to partner salaries.
"My view is that the 2% was never really going to be enough to deliver the kinds of services that you want in a dedicated way," Portillo said.
Portillo's thesis, backed by Hoffman, is that you could spin off some of those venture services and still get the financial upside of betting on growing startups. To realize his vision, Portillo recruited a staff of 13, including six partners, from ex-Amazon engineers to Facebook recruiters and go-to-market strategists from MongoDB. At a recent SEV meeting, the team cycled through the progress they were making with their nine portfolio companies, such as expanding a recruiting pipeline at one company, and condensing a pitch deck from 38 to 10 slides, at another. All of the work is tracked against the goals SEV had promised to the startups.
"We're not cheap from an equity perspective, so companies want to use us in ways that are most valuable," Portillo said. SEV negotiates the amount of equity it takes in a startup depending on the scope of work they're undertaking, the firm said.
SEV's focus so far has been enterprise businesses. It's working with workplace collaboration startup Coda, mobile app developer Colony Labs, autonomous delivery company Nuro.ai, and the machine-learning startup Verta, as well as Ubiquity6. Like other venture firms, it won't work with competing businesses to avoid concerns around recruiting or intellectual property.
Whether SEV will deliver outsized returns is still a toss-up. Portillo said he thinks the venture firm will have the advantage coming into companies early, working at the earliest stages alongside the founders to determine which investments are likely to succeed. But even Hoffman says he "doesn't know," but hopes it will be on the level of a typical venture equity return.
Hoffman does believe Sweat Equity will be able to snag shares of some of the fastest-rising companies as it's not competing to offer the largest pile of cash like venture funds traditionally do to win deals. "I think a substantial part of the Sweat Equity portfolio will likely end up being the companies that people already know are super hot, like Nuro," Hoffman said. "But the way that Sweat Equity gets to be investors is putting in the recruiting effort."
For Ubiquity6, SEV's approach has so far paid off. Within a year, the company had scaled from 16 to 65 people, Midha said, and he still has biweekly check-ins with Portillo. To Midha, the combination of working with traditional venture capitalists on his board, then the SEV team on the ground, has been an indispensable combination.
"It seems like you're flying with jet packs as a founder," he said. "I see that as a very fantastic development for VC."
When we talk about the many different subsectors of fintech, wealthtech may not be the first that comes to mind. But it’s one of the areas that is constantly evolving, innovating, and changing the way both advisors and their clients approach money management.
And wealthtech is so much more than just robo-advisors. As bleeding-edge AI and data analytics tools provide greater levels of insight, UI and UX interfaces continue to evolve, and improvements to back-office technology help RIAs work smarter, innovation is constantly happening in the space.
That said, we’d like to recognize some of the top “finfluencers” in wealthtech.
April Rudin -- Twitter, LinkedIn
Founder and CEO of The Rudin Group
LinkedIn location: Greater New York City Area
Twitter bio: Global #wealth #finserv #marketing firm| #Messaging #Content #Digital +more| #1 wealth management influencer | Likes: #NextGen #FinTech #WealthTech #Detroit
Bill Sullivan -- Twitter, LinkedIn
President of Family Office Exchange
LinkedIn location: Richmond, Virginia Area
Twitter bio: President Family Office Exchange (@FOXExchange) #FamilyOffice #Wealth #Fintech #Banking #OpenBanking #OpenX #RisingGen insights. @Capgemini alum Avid golfer
Chris Gledhill -- Twitter, LinkedIn
Independent FinTech Advisor, Futurist, Writer & Speaker
LinkedIn location: London, United Kingdom
Twitter bio: #FinTech Influencer, Keynote & TEDx Speaker, Writer and Advisor. #FinServ #InsurTech #WealthTech #PayTech [email protected]
Christian Ross -- Twitter, LinkedIn
Manager Business Development at Blanco Fintech
LinkedIn location: Amsterdam Area, Netherlands
Twitter bio: Business Development at @Blanco_fintech #wealthmanagement #wealthtech #regtech #fintech
Devie Mohan -- Twitter, LinkedIn
Co-Founder and CEO of Burnmark
LinkedIn location: London, United Kingdom
Twitter bio: I don't know everything, but I can try. Global top 10 fintech influencer, writer, speaker. Founder @burnmark_ Member @thinkforward
Helene Li -- Twitter, LinkedIn
General Manager of the FinTech Association of Hong Kong
LinkedIn location: Hong Kong
Twitter bio: Purpose is the new profit 🎯🔝2🏆#Influencer on #Sustainability #fintech Co-Founder GoImpact @jpmorgan @bnpparibas alum & best role of all: Mom (views my own)
JP Nicols -- Twitter, LinkedIn
Co-Founder of Fintech Forge
LinkedIn location: Seattle, Washington
Twitter bio: #FinTech #FinServ advisor/writer/speaker: @FinTechForge | @BreakingBanks1 | @ProvokeCast | Innovation+Strategy+Leadership (+ a little soccer #EBFG)
Koen Vanderhoydonk -- Twitter, LinkedIn
CEO Belgium Luxembourg Germany at Blanco Services
LinkedIn location: Brussels, Brussels Capital Region, Belgium
Twitter bio: CEO BeLux @Blanco_fintech passionate about the future of banking, public speaker #Fintech #RegTech #WealthTech #entrepreneur Let's connect!
Minh Q Tran -- Twitter, LinkedIn
Managing Partner at Odysseus Partners
LinkedIn location: Paris 13, Île-de-France, France
Twitter bio: #AssetBuilder & #VC-as-a-Service on #Alternative #Assets in #Insurtech #Wealthtech #Proptech #Impact #Fintech. Top online influencer in insurtech
Rodrigo Garcia de la Cruz -- Twitter, LinkedIn
CEO and Founder of Finnovating
LinkedIn location: Madrid Area, Spain
Twitter bio: CEO @FinnovatingHub | President @asocfintechins | VP @FintechIberoAme | CoFounder @Accurate_Quant | #FinTech #InsurTech #PropTech #RegTech #WealthTech
Susanne Chishti -- Twitter, LinkedIn
Chief Executive Officer at FINTECH Circle
LinkedIn location: London, United Kingdom
Twitter bio: CEO @FINTECHcircle @FTC_Institute Bestselling Editor: @WealthTECHBook @InsurTECH_Book @TheFINTECHBook #AI #Fintech Champion of the Year 2019 #womeninfinance
Urs Bolt -- Twitter, LinkedIn
Partner at Blockchain Innovation Group AG
LinkedIn location: Zürich Area, Switzerland
Twitter bio: Expert Advisor, PMP® | #WealthManagement #WealthTech #DigitalAssets #Ecosystems | @BIG_Blockchain | Mentor @F10_Accelerator | @Phonak Ambassador
See more here: https://www.odysseuspartners.com/news/odysseus-is-proud-to-present-its-2020-european-wealthtech-map
Tencent Holdings Ltd. has acquired a minority stake in Policybazaar.com valuing the Indian online insurance aggregator at $1.5 billion, according to a person familiar with the deal, as it tries to get a foothold in the country’s burgeoning insurance sector.
The Chinese technology giant bought 10% of Policybazaar, half of Tiger Global Management LLC’s stake in the company, the person said, asking not be identified as the matter was not public. The $150 million deal was signed earlier this week, the person added.
SUMMARY
In this part, we learned about:
BIO
Yashish Dahiya, CEO & Co-Founder, PolicyBazaar.com holds a Bachelor’s Degree in Engineering from IIT Delhi, a Post Graduate Diploma in Management from IIM Ahmedabad, and an MBA from INSEAD. He started his career as a Business Unit Head at Illinios Tool Works and later moved on to Bain & Co. to work as a Management Consultant. Before starting his entrepreneurial journey with PolicyBazaar.com, he worked with First Europa, a Global Online Insurance Broker, as their CEO. At First Europa, he was responsible for leading the global expansion and managing the business of the company across 9 geographical locations. He has also had experience of working with an online travel aggregator, ebors.com, a leading pan-European online travel agency and led their business as the Managing Director.
INTERVIEW VIDEO
Minh Q. Tran is a venture capitalist and investor who is a strong believer in disruptive trends from the “Innovator’s Dilemma,” and works with corporate entities to launch their venture funds (such as AXA Seed Factory). He is currently Managing Partner of Odysseus Alternative Ventures, managing funds including Proptech Capital and Insurtech Capital.
Minh Q. Tran is a venture capitalist and investor who is a strong believer in disruptive trends from the “Innovator’s Dilemma,” and works with corporate entities to launch their venture funds (such as AXA Seed Factory). He is currently Managing Partner of Odysseus Alternative Ventures, managing funds including Proptech Capital and Insurtech Capital.
Minh Q. Tran is a venture capitalist and investor who is a strong believer in disruptive trends from the “Innovator’s Dilemma,” and works with corporate entities to launch their venture funds (such as AXA Seed Factory). He is currently Managing Partner of Odysseus Alternative Ventures, managing funds including Proptech Capital and Insurtech Capital.
Source : https://www.linkedin.com/pulse/annual-investments-insurtech-doubled-last-year-richard-sachar/
The capital invested in InsurTech startups and scale-ups reached $3.18 bn worldwide in 2018, almost double the $1.65 bn invested in 2017, according to data from the FinTech Global database.
InsurTech companies are clearly forcing the redesign of the insurance industry landscape by applying technology innovation to processes along the entire value chain.
Venture investors have recognized the scale of the opportunity being addressed and are allocating larger sums to invest in rapidly growing InsurTech solution providers. At the same time, incumbent insurance companies have joined the scramble to back companies that are developing and integrating new technologies in ways that could either threaten - or enhance - incumbent business models.
The result has been a dramatic growth in investments: over $8.5 billion was raised by InsurTech companies over the last five years, in 600 deals.
The actual number of deals completed last year dropped slightly from 142 in 2017 to 138 in 2018, as the average deal size increased.
An interval analysis of all InsurTech investments reveals a significant shift in deal size across the spectrum. Deals of ticket size less than $1m dropped from 41.6% share of the total number of deals in 2014 to 5.1% in 2018. Over the same period, deals between $10-25m increased from 11.3% to 28.2%, whilst deals above $25m doubled in share from 9.4% to 18.8%. At the top end, eight transactions were valued at over $100m last year.
North America has dominated investment activity in InsurTech over the last five years but last year saw the rest of the world claim more than half the global total for the first time. North American share of deals (by number) dropped from 58% in 2014 to 49.2% in 2018.
Investment in European InsurTech innovation increased steadily during this period, from 23.2% to 31.2%. Asia’s share of deals remained relatively stable, varying between a high of 16% in 2015 and a low of 13.8% in 2018. Investment growth in Europe is being led by InsurTech hubs in Germany, UK and France, but InsurTech innovation is flourishing in other hotspots throughout the continent. Half of the ten largest InsurTech deals in 2018 were in companies based in Berlin.
As a group, venture capital firms are the most prolific investors in InsurTech companies. Of all the unique investor entities that participated in InsurTech deals in 2018, venture firms made up the largest category of investor type, a share of 57.7% of the total.
The next category of investors are financial institutions (primarily insurance companies), which account for 12.9% of investors. Non-financial corporates were also very active, making up 10% of the investor universe, as they look to back opportunities to utilize big data applications, AI and machine learning technology, without the obstacle of legacy IT systems. The insurance companies and non-financial corporates are, of course, larger investors in terms of capital per deal, and more prevalent in later-stage investments. (See FinTech Global database for details).
Venture investors are actively committing capital to InsurTechs that provide solutions to enhance the distribution process and extend the reach to customers. There is also substantial interest in companies that impact the pricing function or help to lower the costs of claims administration and policy distribution.
Meanwhile, major insurance companies are actively scouting for InsurTechs that can help to access currently unobtainable or uneconomic markets by providing entry to niches or by personalizing small ticket opportunities. These distribution-focused InsurTechs are most prevalent in the P&C, health and life segments. Other main areas for investment are InsurTechs that advance automation to reduce costs, or enhance the use of data for superior decision-making and insights.
Our discussions with venture capital investors and CXOs at insurance companies confirm a consensus that the industry is still very early in the digital transformation cycle and expectations are that investments into InsurTech will continue to grow at a dramatic pace.
L’union ferait-elle la force ? Un nombre croissant de grands groupes comme d’entreprises moyennes investissent – généralement de façon minoritaire – dans des start-up, devenant ainsi des acteurs du capital risque. La montée en puissance du Corporate Venture Capital ne se dément pas, notamment aux États-Unis où plus de 100 CVC sont actifs, pour des montants gérés de 7 milliards d’euros[1]. Le marché français du CVC, qui représente 300 millions d’euros, tend toutefois à devenir un des plus actifs en Europe.
Les temps sont loin où seules les entreprises de la pharmacie et de la technologie étaient concernées. Si les sociétés visées sont majoritairement celles du numérique, des sciences de la vie et les Cleantech, la plupart des secteurs sont désormais concernés (banque-assurance, aéronautique, grande distribution, industrie alimentaire, énergie, médias, cosmétiques…) avec des synergies variables entre le groupe et la start-up. L’innovation étant la composante centrale de la croissance, l’enjeu pour le groupe est de capter l’agilité pour pérenniser son activité, voire repenser son modèle économique, tout en restant maître du jeu.
Le développement des CVC s’explique aussi par l’interdépendance croissante des fonds d’investissement d’entreprises avec les fonds d’investissement classiques soucieux de rapprocher rapidement leurs poulains des grands groupes. Attention toutefois : la masse d’investissements disponible peut conduire à une survalorisation des start-up par les groupes !
Distincts d’autres formes de collaboration (incubateurs, accélérateurs, hackathons…), les CVC exercent systématiquement le double rôle d’investisseur et de détecteur d’innovation aux côtés d’autres investisseurs. Ils peuvent être investisseurs (Limited Partner) dans un fonds d’investissement géré par une société de gestion de Private Equity ou Venture capital, ou bien représenter une structure ad hoc souvent pilotée par les équipes M&A des grands groupes mais dotée d’une organisation et d’une gouvernance dédiées. Quant aux façons de travailler, elles varient selon la maturité stratégique et la taille des groupes investisseurs.
L’article récent de Kasia Kalewska, membre de la SFAF et conseil indépendant en Private Equity[2] est complété ici par plusieurs témoignages permettant de comprendre l’évolution de cette activité et d’en dessiner les perspectives d’avenir.
Michèle Hénaff, rédactrice en chef de la revue Analyse financière
Dossier coordonné par Anne Bechet, journaliste, et Jean-Yves Léger, membre du comité de rédaction de la revue Analyse financière.
[1] Source BPI France.
[2] La revue Analyse financière n°65 (octobre-décembre 2017) – p.9.
Au sommaire de ce focus :
> Acheter la version numérique du focus « Corporate Venture, quand agilité rime avec croissance »
Aster Capital : « Un écosystème favorisant les relations entre start-up et grands groupes »
Entretien avec Jean-Marc Bally, Aster, par Anne Bechet
> voir l’article
Engie New ventures : « Un levier stratégique avant tout »
Entretien avec Hendrik Van Asbroeck, Engie New Ventures, par Anne Bechet
> voir l’article
Edenred Capital Partners : « Notre fonds de Corporate Venture vise les synergies opérationnelles »
Entretien avec Philippe Dufour, groupe Edenred, par Anne Bechet
> voir l’article
Seed Founders : « Permettre aux ETI d’accéder aux meilleures opérations »
Entretien avec Minh Q. Tran, Seed Founders, par Anne Bechet
> voir l’article
The role of money is changing, and its guardians have to as well. Blockchain is knocking at the gates of staid Insurance companies and Financial Institutions. How they’ll react will have an impact on the cost of business going forward.
By 2020, incumbent Insurance & Financial industries will likely look very different than their current avatar.
The winning insurance firms of the future will be those that leverage the most innovative Insurtech solutions to accelerate their digital strategy
To provide a picture of what’s happening in Insurtech, we’ve invited Roger Peverelli of the Digital Insurance Agenda. He will join us on March 27th at 10 AM CET.
Please REGISTER for this webinar with your insead.edu email address
As previously, the idea is to engage alumni in this journey. We're crowdsourcing the questions from you, so, as you register, please send us the 1 question you want to ask Roger.
Host: Minh Tran
What to expect:
Roger is the author of international bestsellers 'Reinventing Financial Services' and 'Reinventing Customer Engagement'. He is a well-known speaker and hosts Financial Industry luminaries at conferences across the globe.
Roger will talk to us about the top trends in Insurtech and also provide us with a glimpse of some of the top Insurtech disrupters he came across in the recent past.
If you are buying insurance for personal or professional reasons, this Webinar provides a quick lay of the land & what’s on the horizon.
Join us for this first Webinar of a series to explore trends in Insurtech, Fintech, Blockchain & Corporate Venture Capital (CVC).
If you want to participate / contribute in any way, please feel free to reach out to [email protected]
http://about.me/minh_q_tran
Recent Comments