French insurtech Seyna has surpassed €100 million in annual revenue and is expanding its European footprint, marking a significant milestone for the company. Founded in 2019 by CEO Eléonore de Meillac and COO Antoine Dupuy, Seyna operates as a fully digital insurance carrier, underwriting and distributing its own policies rather than acting as a broker.
The company achieved €103 million in revenue for 2023, a 50% increase from the previous year. This growth is attributed to its core offerings in professional indemnity and legal protection insurance for small businesses and freelancers, alongside newer products like cyber insurance. Seyna now serves over 30,000 clients across France, Spain, and Italy.
A key strategic move is Seyna’s expansion into the Italian market through a partnership with Poste Italiane, the national postal service. This collaboration leverages Poste Italiane’s extensive network to distribute Seyna’s insurance products, mirroring a successful model previously established with La Poste in France. The company is also deepening its presence in Spain, where it has operated since 2021.
Seyna’s capital-light, digital-native model has attracted substantial investor confidence. The company has raised a total of €60 million, including a €40 million Series B round in 2022 led by Accel, with participation from investors like Daphni, Global Founders Capital, and Techstars. This funding supports technological development and European expansion.
The broader insurtech sector in Europe is experiencing consolidation, with Seyna positioning itself as a consolidator. CEO de Meillac notes the company is actively exploring acquisition opportunities to accelerate growth, particularly in Spain and Italy. This ambition aligns with a trend where well-funded digital insurers are acquiring smaller brokers or portfolios to gain market share efficiently.
Seyna’s success underscores a shift towards vertically integrated digital insurers that control the entire value chain. By combining underwriting, technology, and distribution partnerships, the company aims to build a pan-European leader in SME insurance, challenging traditional insurers with greater agility and customer-centric products.