Lead Ventures is making a EUR 3 million investment in Amodo. The Budapest based venture capital firm, specializing in scale-up financing, is assisting the growth of Amodo, an insurtech company based in Croatia. Funds will be used for further scale-up activities, as well as further development of Amodo’s product. Amodo has developed a Connected Insurance platform supporting the introduction of Usage Based Insurance products, currently used by several prominent insurance companies worldwide.
By downloading an application, drivers can get insights on numerous driving-related data (speed, cornering, accelerating and braking data, etc.). An analytical software system then processes the collected information and sends them to the driver – users can get rewarded with an improved score, much like many telematics packages.
This means that drivers can get significant savings based on their driving behaviour. Depending on the insurance company that launched the application, there is the possibility of receiving just in time offers for insurance products that might benefit the driver. Products offered include short term travel insurance while approaching a country border, to parts of a comprehensive insurance necessary for specific road conditions, like commuting cover at peak times for example.
Lead Ventures was launched in 2018 and intends to invest EUR 100 million in Hungary and the CEE region. Lead Ventures saw potential in the US/Croatian Amodo because of the rapidly expanding market.
“We made the decision to invest a total of EUR 3 million in the company for a 3-5 year period. Amodo is a swiftly growing, innovative company, which has already proven itself in the market of usage-based insurance. It has several major clients, such as AIG, Porsche Bank, P&V and Triglav. The company is now ready to enter new markets and expand its client base with proper capitalization. Amodo also needs to grow its IT development capacities, thanks to the investment of Lead Ventures, they will establish their new development center in Budapest.” – explained Balázs Haszonics, CFO of Lead Ventures, Amodo’s newest Board member.