"Having the right investors is a key strategic step. NV3 and Eleven 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.
Daniel Tomov, Managing Partner at Eleven, said: "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."
According to Eleven, Boleron aims to digitalize life insurance in order to complete its whole portfolio of retail insurance products and enter the small and medium-sized enterprise insurance segment. 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.
Both investors are interested in Fintech and the EUR 500 million investment will allow Boleron to grow it's IT team and push across the SEE region with its products.
Commenting upon what makes Boleron an attractive investment, Zlatolina Mukova, Managing Partner at NV3 declared: "Insurance industry in Bulgaria and the region is ripe for disruption being among the low-tech verticals still not swiped by digitalization. In a Covid-19 situation, we see acceleration in trends that have started some years ago and customers demand better, frictionless and contactless experience making timing perfect for players like Boleron. Boleron's team has the combo of experience, grit and vision to drive this inevitable change in the regional insurance industry and we are happy to support them in their journey ahead".