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Fintech start-up WeGroup (Flanders) raises EUR 3 million

WeGroup, a Flanders insurtech start-up, has collected EUR 3 million after a venture capital financing round through the French investment fund Truffle Capital and the Brussels-based Seederfund. With the investment, WeGroup seeks to expand its digital services to the French market. 

Virtual office manager

WeGroup was founded in 2017 in Ghent by three young entrepreneurs. It is one of many successful start-ups that have found their feet in Flanders’ fertile ecosystem. The insurtech company offers a digital insurance platform and a virtual office manager called ‘Louise’, which has won various awards and is favored by some of Europe’s top insurance firms. 

France and Flanders cooperate

An earlier capital injection of EUR 1.5 million was contributed by the imec.istart fund and Flanders’ investment fund PMV.  WeGroup is now turning to venture capital in a cooperation between French capital fund Truffle Capital and Seedfunder, a fund located in Brussels. WeGroup aims to reinforce its market position in Flanders and expand its services to the French market. 

French expansion

The venture capital injection will allow WeGroup to open an office in Paris and expand its current workforce of 25 people. The French insurance system is similar to the one in Flanders, with its intermediate insurance agents, leading WeGroup to anticipate a smooth transition. Moreover, the French market will unlock new potential for growth for the Ghent-based start-up. 

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Reported by
24 August 2020

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