Grace collects EUR 5.9 million to offer luxury goods insurance

Grace, an insurance company for luxury goods, announced on Wednesday $ 6.4 million (5.9 million euros) a round of seeds led by Fintech Collective and Speedinvest.

Luxury goods insurance company, Grace works with luxury brands to protect the purchased consumer goods. If an item is stolen or damaged, the user may create a claim through the Grace app. For the brand, the Grace app also provides detection of fraud, processing claims and logistics coordination.

The company has confirmed that it is working with at least one major luxury brand in Europe, although it refused to share the name.

Co-founder and President Lou Dana said that she and her co-founders-Cuentin Roy, CEO, and Martin Lenweter, Grace’s CTO-Reshi have launched this company after seeing how unprotected are very luxurious goods, especially when people travel abroad.

“Obviously, there was a huge gap between the promise of luxury brands of service levels and what happens after the purchase when something went wrong,” Dana said.

The number of stolen luxury goods there is just for triple over the past few years and becomes Dear for fashion houses To maintain. Grace says he already works with Chubb, a world leader in insurance to sign and provide his services.

But the persuading luxury houses to accept new technology have not always been the easiest tasks to implement. Roy said the brands were struggling to control what was happening with their products after sale, especially when he was confused. “We didn’t just offer protection,” Roy said about the company’s pitch. “We were helping to elevate their brand.”

There are other types of consumer insurance companies, such as Zing coverage, which also provides specialized luxury insurance. Roy said that Grace did not compete with only one company, as it was at the intersection of the built -in insurance, luxury services and protection after the purchase. Kima, Bpifrance and Firstminute Capital participated in the circle.

Dana said fresh capital would be used to support the scale of the company across Europe and hire more people in product engineering. He hopes to cover over 200,000 luxury items by the end of this year.