Setoo Raises $9.3 Million for Insurance Innovation: Travel Startup Funding This Week

Setoo is helping to pioneer a wave of customized protection products, such as letting travelers buy coverage to get money back if there’s not enough snow during a ski trip. The new products could provide more upselling opportunities for travel suppliers and online agencies. which builds a platform that lets companies create insurance and protection products, has raised $9.3 million, or €8 million, in a seed round.Kamet, a fund backed by insurance giant AXA Group, led the round, which brought Setoo’s total funding raised to $12.1 million, or €10.3 million.Many insurers, such as Travelguard, provide ready-made, insurance-like products for online travel agencies and other companies to sell. But these tend to be generic and only for trip cancellation. Setoo lets the companies create the products that are more customized to sell on their own. For example, when a customer books a ski trip, an online agency could offer money-back protection if the weather is unsuitable for skiing.

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