May 11 (SeeNews) - Budapest-based scale-up financing firm Lead Ventures said on Monday it has invested 3 million euro ($3.2 million) for a 3-5 year period in Croatian insurtech company Amodo to assist its growth.
The investment will support future scale-up activities and the development of Amodo's usage-based Connected Insurance platform which is used by several notable insurance companies, Lead Ventures said in a press release.
As part of the investment, Amodo will set up a new development centre in Budapest, with the company planning to quadruple its client base by 2023.
The platform sends collected driving-related data to drivers informing them how safely they drive and how energy efficient they are.
"Insurance companies have the most interest in launching these types of applications, as driving behaviour is the determining factor in assessing the risk of securing the vehicle, driver and passengers," Lead Ventures said in the press release.
Thus, drivers can receive offers for insurance products at the right time. The products span from short-term travel insurance offers to comprehensive insurance necessary for specific road conditions the driver is frequently driving on.
Amodo was founded in 2013 and develops platforms for insurance companies that gather behavioural data.
The company has created over 25 products in 18 countries on 5 continents in the last six years, processing data of over 1 billion kilometres covered by some 1.5 million cars.
Launched in 2018, Lead Ventures is a venture capital company specialising in funding scale-ups in the CEE region. It plans to invest 100 million euro in Hungary and the CEE region.
($ = 0.923973 euro)