BlackFin to invest €350m in EU insurtechs

A second €350 million closing of BlackFin Capital Partners’ Tech 2 fund, which is devoted to European fintechs and insurtechs, has been announced. The fund, which has already doubled in size from its predecessor, will be used to invest in the most innovative B2B insurtech and fintech companies in Europe.

With this Tech 2 fund, BlackFin is reiterating its enthusiasm for B2B companies that are performing with strong operational metrics at a time when market conditions are resurrecting disciplined investment techniques.

Tech 1, the previous fund, is fully invested in 17 European businesses that are becoming market leaders, with a total investment of €178 million raised in July 2018.

Descartes Underwriting, a B2B insurtech company with headquarters in Paris, was also the recipient of the BlackFin Tech 2 fund’s initial investment. In February 2019, BlackFin committed €2 million to the debut of Descartes Underwriting. Descartes was established in 2018, but it already has a significant global presence in the commercial insurance market, with more than half of its revenue coming from locations outside of Europe.