Expat insurance startup Feather has secured €6 million in funding, bringing its raised total to €10 million.
Today’s insurance products are inadequate to meet the needs of mobile migrant worker and student populations: insurance is too complex for non-native speakers to understand, fragmented and not easily translatable across borders.
Feather was founded in 2018 by Rob Schumacher and Vincent Audoire while they were part of Entrepreneur First’s inaugural Berlin cohort.
After moving to Germany, the duo struggled to navigate the insurance system and decided to create a bespoke platform to solve all these shortcomings. It’s exactly what the founders wanted: a digital platform built from the ground up to provide honest, unbiased advice and recommendations.
The company developed a pan-European digital platform to serve more than 50 million expatriates living and working in Europe, each of whom requires different types and levels of insurance.
At its core is Feather’s purpose-built, modular, full-stack technology platform, which partners with insurers to enable them to manage all aspects of the insurance process online and in-house, from policy documentation to claims processing, while ensuring regulatory compliance. This not only enables Feather to reduce costs and increase responsiveness, but also provides a better user experience.
To date, Feather has helped over 50,000 people in over 150 countries digitally purchase insurance, and currently serves expatriates in Germany, France and Spain, with plans to launch in three more countries by the end of 2024.
This expansion, with established platforms and partnerships, has been supported by rapid growth, with the most recent launch into Spain already showing great trajectory, having achieved more in just six months than Feather achieved in its first 18 months in Germany.
Feather co-founder Rob Schumacher said:
“Our mission has always been clear: to build an insurance platform that not only meets the needs of today’s expatriates, but also offers transparency, simplicity and reliability.
This funding signals confidence in our vision and technology and we are excited about the opportunities it will open up to help us even better serve expat communities across Europe.”
The round was led by Keen Venture Partners, along with senior leaders from Plural, Allianz, AXA and Bastian.
“We are thrilled to be working with NVIDIA to bring this technology to market,” said Taavet Hinrikus, Partner at Plural.
“Feather’s sharp focus on the needs of expatriates, best-in-class technology platform, and great founder-market fit are disrupting the complex and highly regulated insurance industry.
There are many similarities between the growth and trajectory of Wise and Feather, and their early success is a clear indication of where things are heading in the future.”
Keen’s Abdul Afridi said:
“Feather’s approach to InsurTech stands out in a crowded market. Their experience as an expat resonated with me as a fellow expat, but what really sold me on this investment was the robust technology that Rob and Vincent have built and their clear path to scalability.”
The funding will enable Feather to accelerate its expansion into new European markets and create a pan-European product that expatriates can carry from country to country.
Main image: Rob Schumacher and Vincent Audoire for Feather. Photo: Uncredited.
