Paris-based Little John has raised €1.1 million in pre-seed funding just weeks after its inception to develop its generative AI platform aimed at empowering insurance brokers.
This funding round included Febe Ventures, Vessoa Private Equity, and neo-insurer Leocare. The €1.1 million round also includes contributions from business angels such as Didier Valet (General Partner at Varsity), and Mark Ransford, a well-known UK investor.
CEO Olivier Legrand explained the startup’s goals: “We firmly believe that independent brokers are the future of business insurance brokerage. However, to meet the industry’s transformations, they must evolve their profession, and generative AI offers a concrete, immediate answer to this need. At Little John, our ambition is to provide them with the tools they need to remain competitive, strengthen their privileged relationships with clients, and capitalise on their expertise. This funding marks a key milestone in executing our vision: ‘Bring Gen AI at the heart of the Services Independent Insurance Brokers’ deliver to Corporates’.”
Founded in 2024, Little John’s vision is to transform the role of independent brokers in a €1.5 trillion European insurance market dominated by increasing complexity and regulatory demands.
By focusing on operational tools that assist brokers with risk placement, compliance, and productivity, Little John seeks to address the mounting pressures faced by local brokers.
At the heart of this mission is Little John’s first GenAI-powered tool, set to launch in Spring 2025 on its SaaS platform. This tool will enable brokers to automate workflows, including extracting and analysing client data from emails and documents and generating customised insurer presentation notes.
Early adopters within the platform’s “Sherwood community” will have beta access by February 2025, offering feedback to refine the solution’s usability.
A beta version of the solution will be available by February 2025 to a selection of brokers within their Design Partnership named the “Sherwood community” – a group of partner testers. These users will gain early access to the platform and provide feedback to refine and ensure its seamless integration and user-friendly AI solutions are tailored to brokers’ daily needs.
Little John’s founding team combines expertise in insurance and technology, including:
- Olivier Legrand, former COO of Brevo and CEO of LinkedIn Asia Pacific, where he led significant revenue and membership growth.
- Grégoire Rastoul, an experienced entrepreneur in insurance brokerage, previously COO at Leocare and co-founder of UEX, sold to APRIL Group.
- Pierre Sigwalt, a seasoned CTO with a background in developing tech for insurance, including roles at APRIL International and UEX.
- Renaud de Pressigny, Senior Advisor with over 40 years in insurance, holding leadership roles at major firms including Marsh and AON.
Little John plans to use the funds to develop its GenAI tools and foster a collaborative ecosystem of brokers who can pool resources and expertise to stay competitive against larger players.
Read the orginal article: https://www.eu-startups.com/2024/12/paris-based-little-john-raises-e1-1-million-to-develop-the-insurtech-with-ai/
