Osborne Clarke has advised VR Ventures / Redstone on its Series A funding round into insurtech start-up Orus.
Orus was founded in 2021 and quickly established itself in the professional insurance market with the launch of its first product for restaurant owners in June 2022. Initially limited to the hospitality industry, the insurtech quickly expanded its offering to freelancers, retailers and SMEs. Currently, Orus promises simple, fair and efficient insurance for all professions. Orus' solution includes online onboarding in three minutes, tailor-made contracts and a digitised claims management system that enables reimbursement within a few hours. The team already consists of 25 employees and plans to double its staff in the coming year.
This will be helped by the Series A financing round that Orus has just successfully completed, raising a total of EUR 11 million. The round was led by VR Ventures / Redstone as well as Notion Capital and includes Frst, Partech and Portage (which backed the previous EUR 5 million funding round) and angel investments from Thierry Daucourt (Axa), Grégoire Rastoul (Leocare) and Albert Malagarriga Fandos (Elma).
The fresh capital will not only be used to hire experts from the fields of technology, insurance and data. In addition, the company will launch new offerings, continue scaling in Europe and, according to its own statements, expand into a new territory in 2024.
“The professional insurance market in Europe is of considerable magnitude, and there is still a lot to be done to tap into its potential. We are impressed by Orus’s growth in the French market in just one year, and we are convinced that they are the most competent team to effectively conquer the European markets in the years to come,” said Timo Fleig, General Partner at VR Ventures.
The Osborne Clarke team advising VR Ventures / Redstone, led by Maximilian Vocke, consisted of Dana Alpar (both Corporate / Venture Capital).
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