Baloon, a Francophone African insurance platform, has received 2.2 million euros ($2.4 million) in a new funding round led by existing investors, including Nelly Brossard (ex-Maif, now at CapGemini), Pierre-Olivier Desaulle, the former CEO of Hiscox, and Galle Olivier, the former CEO of Axa Global P&C. P1 Ventures, Acuity Ventures and Myrtus Venture also participated in the round.
The latest round follows the company’s 1.8 million euros funding round, which it concluded in July 2020.
Baloon was founded at the end of 2017 by Bertrand Vialle, the former CEO of AssurOne who also worked for French insurance companies Gras Savoye and April. Its digital platform aims to establish itself in French-speaking Africa. This is groundbreaking in a continent where 90% of the population is uninsured.
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Baloon is ushering in a new era of insurance by fostering trust between policyholders and insurers via the use of digital technologies. Because it is easy and removes educational, social, and economical obstacles, the company argues that it is accessible to anyone.
The company began with auto insurance brokerage in Côte d’Ivoire and Senegal, progressively expanding its activities (health and travel) and conquered territories (Cameroon, Gabon, Niger — and, most recently, Togo, in collaboration with Pan-African Olea).
Baloon now has 20,000 customers and works with a number of insurance companies, including Allianz and Axa. The company uses B2C/B2B2C distribution models. TotalEnergies is one of Baloon’s customers, and relies on the startup’s auto insurance services to cover its Cameroonian activities.
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Baloon is present in Côte d’Ivoire, Senegal, Cameroon, Niger and Gabon, and has more than 80 employees across all its locations.
Baloon African funding Baloon African funding
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer