Grace raises a seed of 5.9 million euros to provide insurance for luxury goods

Grace, a luxury commodity insurance company, announced on Wednesday a seed tour of $ 6.4 million (5.9 million euros) led by Fintech Collective and Speedinvest.

Luxury commodity insurance company, Grace works with luxury brands to protect consumer goods purchased. If an element is stolen or wrapped, the consumer can create a claim through the Grace application. For the brand, the Grace app also provides fraud, treatment and logistical coordination.

The company confirmed that it is working with at least one luxury brand in Europe, although it refused to share the name.

The co-founder and President Le Dana said that she and her founders-Qutuntene Roy, CEO, Martin Luza, Grace CTO- decided to launch this company after seeing how there are still many unprotected luxury goods, especially when people travel abroad.

Dana said: “It is clear that there is a huge gap between the promise of luxury brands at service levels and what happens after purchase when something happens.”

The number of luxury goods stolen Almost It has doubled three times in the past few years, and has become Fashion houses assigned To keep up with. Grace says she is already working with Chubb, the world’s leading insurance company, to secure and secure its services.

But persuading luxury homes to adopt new technology was not always the easiest task to complete. Roy said the brands are fighting to control what is happening to their products after the sale, especially when a mistake occurs. Roy said of the company’s stadium: “We have not only provided protection,” Roy said of the company’s stadium. “We were helping to raise their brand.”

There are other types of insurance companies for consumer goods, such as Cover Zing, which also provides specialized insurance for luxury goods. Roy said that Grace does not compete with only one company, as it stands at the intersection of integrated insurance, luxury services, and after purchase protection. KIMA, BPIFrance and FirstMinute Capital participated in the tour.

Dana said that the new capital will be used to help the company throughout Europe and use more people in product engineering. It hopes to cover more than 200,000 luxury elements by the end of this year.