baloon, an African Francophone insurance platform, received 2.2M euros ($2.4 Million) in a new financing round. The round was led also by existing investors Nelly Brossard (ex-Maif now at CapGemini), Pierre-Olivier Desaulle and Galle Oliver, who were the former CEOs of Axa Global P&C. Myrtus Ventures, Acuity Ventures, Myrtus Ventures and Myrtus Ventures participated in the round.
The company’s previous round of funding was for 1.8million euros. It concluded in July 2020.
Baloon was established by Bertrand Vialle (ex-CEO of AssurOne) at the close of 2017. He also worked as an insurance executive for Gras Savoye in France and April. Its digital platform seeks to establish itself as a French-speaking platform. This is an innovative move on a continent where 90% are uninsured.
Baloon is helping to usher in a new age of insurance through the adoption of digital technologies. This fosters trust between policyholders as well as insurers. It is easy to use and eliminates all educational, economic, and social obstacles, so it can be accessible to everyone.
The company began as an auto insurance brokerage firm in Senegal and Cote d’Ivoire. As it grew, its activities (health, travel, and conquests) increased.
Baloon currently has over 20,000 customers. It also works with several insurance companies like Allianz and Axa. The company uses B2C/B2B2C Distribution models. TotalEnergies is a customer of Baloon and relies upon the startup’s auto-insurance services to cover its Cameroonian activities.