Topics
Latest
AI
Amazon
Image Credits:Grace
Apps
Biotech & Health
mood
Image Credits:Grace
Cloud Computing
Commerce
Crypto
endeavour
EVs
Fintech
Fundraising
Gadgets
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
Security
Social
infinite
Startups
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
newssheet
Podcasts
TV
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Grace , an insurance policy company for luxury goods , herald on Wednesday a $ 6.4 million ( € 5.9 million ) seed unit of ammunition take by FinTech Collective and Speedinvest .
An insurance company for sumptuousness goodness , Grace mould with luxury brands to protect buy consumer trade good . If an point is stolen or damaged , a consumer can create a claim through the Grace app . For the brand , the Grace app also provides fraud detection , claim processing , and logistic coordination .
The company reassert that it is working with at least one major luxury brand in Europe , though it declined to divvy up the name .
Co - beginner and President of the United States Lou Dana said that she and her carbon monoxide gas - founders — Quentin Roy , CEO , and Martin Lenweiter , Grace ’s CTO — resolve to found this company after seeing how unprotected many sumptuousness goods still are , especially when hoi polloi are traveling abroad .
“ There was clearly a monumental gap between the service level opulence trade name promise and what happens post - leverage when something move wrong , ” Dana enounce .
The routine of steal luxury goodshas just abouttripled in the past few years , and it ’s becomingcostly for mode housesto keep up . blessing says it is already working with Chubb , a world loss leader in insurance , to underwrite and insure its service .
But convincing sumptuousness houses to take on novel technology has n’t always been the easiest of tasks to complete . Roy read that brand have fight to keep in line what happens to their products after a sale , especially when it goes wrong . “ We were n’t just extend protection , ” Roy sound out about the company ’s sales talk . “ We were helping raise their brand . ”
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
There are other types of insurance policy companies for consumer trade good , such as Zing Cover , which also provides specialist policy for luxury goods . Roy articulate that Grace does n’t compete with just one company , as it stands at the intersection of embedded insurance , opulence serve , and post - purchase aegis . Kima , Bpifrance , and Firstminute Capital all participated in the round .
Dana tell the refreshful capital would be used to help the company scale across Europe and hire more people in production technology . It hopes to cover more than 200,000 luxury item by the close of this year .
