Otherwise, a French P2P insurance platform, raises €1.6 million in its seed funding round from 360 Capital Partners, Bpifrance and other private investors. The company will invest the fresh funds to further develop its technology platform and machine learning algorithms to provide an enhanced user experience and strengthen its position in the French market.

Raphael Berger, Co-founder & President, Otherwise, says, “This funding round and the expertise of our new investors will allow us to accelerate the release of our products and to help us maintain our market lead. It is a show of confidence in our ambitious project, and reinforces our desire and determination to provide a fundamentally improved insurance experience”.

Founded in 2016 by Cecile Merine, Raphael Berger and Aymeric Augustin, Otherwise has developed an innovative peer-to-peer insurance platform that reimburses its users not just when claims are made, but also when everything is going well. Subscribers can avail up to 50 percent of their initial premium, depending on claims and services that they have paid over the course of the year. Also, the company allows each policy holder to form a group of 10 people, who can together setup their own protection fund and create a common pool of finance to manage their health expenses. “Otherwise is led by a brilliant team, who is revolutionizing the insurance market. The successful launch of their health insurance product, in a highly sought-after market segment, will be quickly followed by other products with broad appeal,” concludes François Collet, Partner,360 Capital Partners.