NV3 invests in mobile-first digital insurance platform Boleron
We are delighted to announce our EUR 300k investment in Boleron – a digital insurance platform that enables consumers to buy, receive and manage multiple insurance products in a frictionless and easy way. Total funding in the round is EUR 500k, where NV3 co-invests with the established early stage investor 11. The Bulgarian Fund of Funds is the largest investor in NV3. The funding round will accelerate Boleron expansion in new client verticals across the SEE region, as well as enable team expansion and product development.
“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” said Zlatolina Mukova, Managing Partner at NV3.
“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.
Boleron is a digital insurance platform which enables retail consumers to manage their insurance products entirely online just with few clicks. The company offers a diverse range of retail insurance products such as property, car, health and travel, as well as extreme sports. The platform is integrated with the leading insurers in Bulgaria and provides 24/7 service to its clients, who can purchase and receive insurance products instantly, in a contactless, all digital experience.
Boleron was established by Alexander Tsvetkov, Simeon Kostov, Desislava Tsvetkova and Dimitar Kolchakov back in 2019. The founders have worked together in other endeavors over the past 10 years and bolster a potent mix of insurance, start-up, biz dev and tech experience.
For more information on Boleron – visit their website at boleron.bg.
NV3 is a venture capital fund investing in tech start-up companies and successor of NEVEQ I and NEVEQ II, veterans within the venture capital industry in Bulgaria and the region. NV3 operates from Sofia, Bulgaria, and invests in fast-growing tech companies, which aspire for the leading position in their domains on the local and/or global markets. The leading investor in the fund is the Fund of Funds in Bulgaria with a commitment of EUR 19.1 million provided by the operational program “Innovation and Competitiveness 2014 – 2020”, co-financed by the European Structural and Investment Funds.
About Fund of Funds
The Fund of Funds in Bulgaria is managed by Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) which main activity involves structuring and managing of financial instruments, co-financed by the European Structural and Investment Funds, during the 2014-2020 programming period. The company manages over EUR 660 million public resources and offers a wide range of products for the financial sector of the Bulgarian market, including guarantees, private equity funds and several others.