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Eleven invests in digital insurance company Boleron

February 15, 2021

From left to right – Alexander Tsvetkov, Simeon Kostov, Desislava Tsvetkova and Dimitar Kolchakov, co-founders of Boleron. 

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Having Fintech as a top priority vertical (among 3 others), we get to meet hundreds of promising companies disrupting the fintech sector, while understanding the driving forces of the industry. 

Insurance is one such sector ripe for disruption, innovation and novel approach with InsureTech being almost as broad a field in itself as Fintech. There is a lot to be changed in the field: from digitalization of all backend and frontend processes; through new customer acquisition channels; tailor made and flexible insurance products; all the way to a better, smoother and more satisfying customer journey.

This is where our newest investment comes into the picture. Meet Boleron.

Boleron is a mobile-first digital insurance broker

The company solves the need of consumers who want to easily buy, receive, and manage multiple insurance policies – from property and car insurance to health and travel, all the way to extreme sports. The company was founded in 2019 and since then has been on a journey to eliminate the bureaucracy and the lack of transparency in the local insurance market. 

The platform is integrated with the biggest insurers and its customers are able to receive insurance offers and purchase solutions with a few clicks 24/7. Boleron allows its customers to  purchase, instantly receive and manage all kinds of insurance products through a mobile application and website with digital sign policy.

We are co-investing in Boleron together with our friends from New Vision 3 (NV3), signifying both funds’ interest in Fintech.

In our view the insurance market in the SEE region has significant room to grow as it has the lowest level of insurance penetration in Europe – as much as 20x times lower than more mature markets. At the same time Boleron has perfect timing as digitalization of the sector is speeding up as legacy insurance systems pose  a lot of friction in ordering, paying, signing, receiving and using insurance products. 

The team of Boleron

has worked together on different ventures prior to setting up the company. Alex, the business guy and Simeon, the tech guy, initially met back in 2009 on the hot at the time startup networking format Open Coffee. Together they’ve built the Cyber security product Phantom Login. Dimitar, the third co-founder, has studied at university together with Alex and since then racked over 12 years of experience in Customer service, Internal audit and AML.

The fourth co-founder, Desi, enters the picture with over 10 years in the insurance industry.

Next up for Boleron 

is to digitalize life insurance. This will complete their whole portfolio of retail insurance products and will allow them to step up to the next stage – entering the SME insurance segment. 

Meanwhile, the €500,000 investment will allow the company to grow it’s IT team and push across the SEE region with its products.

“Having the right investors is a key strategic step. Eleven is the perfect fit for Boleron, as we’ve known their team for years and we share a similar business mindset and values. Being part of the Visa Innovation Program in 2020 managed by Eleven proved their strategic and operational support for growing the business. Both Eleven and NV3 have focus on fintech, so combining both funds’ VC experience, smart money approach as well as our team members proven track record in insurance, will help us create a strong company and become a leader in the upcoming years.”, Alexander Tsvetkov, Co-founder of Boleron explains.

Commenting upon what makes Boleron an attractive investment, Daniel Tomov, Managing Partner at Eleven, elaborates: “The insurance industry is undergoing a massive digital transformation, which is yet to start in SEE. With its superb technology and highly experienced team, Boleron could provide a customer centric product that is more accessible, including to underserved market segments, and easier to understand and consume. We are very excited about the potential of Boleron to be an active participant in the process of digitalization and democratization of the industry.”

Want to learn more about Boleron? Visit their website – boleron.bg

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