The CareVoice Completes Nearly $10 Million Series B Funding to Drive Further Global Expansion and Product Innovation

London, March 20^th 2024, Insurtech Insights Conference – The CareVoice (the “Company”), the leading global embedded health enabler for insurers, announces successful completion of its Series B funding, raising a total of nearly $10 million, in a round led by Apis Insurtech Fund I (the “Fund”). This funding will be instrumental in accelerating the Company’s growth, expanding collaborations with insurers across regions, and investing in the next generation of the CareVoiceOS platform.

The Fund is managed by Apis Partners LLP (“Apis”), a UK-based asset manager known for its commitment to, and success in generating, both financial returns and positive social impact. The team at Apis utilises its sector expertise to lead value creation initiatives at its portfolio companies, enhancing the lives of millions of people served by these businesses. Since the Fund’s first investment in CareVoice in 2019, Apis’ team has contributed to several areas of expansion and development at the Company. These efforts include supporting business development activities to attract enterprise customers, leveraging Apis’ network in the insurance industry, and engaging stakeholders to facilitate these partnerships. Apis’ investment philosophy aligns with the Company’s mission to revolutionize the way insurers engage with their customers for a healthier life. Together, CareVoice and Apis will work to deliver personalized, data-driven health and wellness solutions to insurance customers worldwide.

Over the past two years, CareVoice has achieved significant milestones and solidified its position as a global leader in embedded health solutions. The Company has expanded and formed new major collaborations with insurers, serving millions of customers across more than 15 countries worldwide. Additionally, the Company has established strategic partnerships with global players, including reinsurers and digital distribution enablers, to enhance its capabilities and jointly serve insurers.

CareVoice has demonstrated strong unit economics and maintained cash-flow neutrality over the past 18 months. The Company experienced a remarkable doubling of revenues in 2023 compared to the previous year.

Investing in Innovation: Next Generation CareVoiceOS Platform

The new funding will enable CareVoice to accelerate its growth trajectory further and drive innovation in its CareVoiceOS platform. The platform’s next generation will enhance scalability, reduce implementation costs, and empower insurers to implement or upgrade customer solutions seamlessly. The recent release of the CareEngage framework has demonstrated increased customer engagement and perceived value among end-users.

Accelerating Growth with Strengthened Leadership Team

To support its expansion plans, CareVoice has established a European headquarters in Luxembourg. Concurrently, the Company has strengthened its leadership team with the appointment of Simon Guest as Chief Commercial Officer and will leverage his industry experience at Generali Vitality and AXA to accelerate CareVoice’s global growth and forge transformative collaborations with insurers worldwide. Additionally, Jan Velich, one of its co-founders, has taken a new role as Chief Experience Officer, leading the expansion of CareVoice reach and impact with its existing major clients. These strategic moves further fuel the Company’s mission to unlock the next growth frontier for the life and health insurance industry by adopting embedded health solutions at global scale.

Sebastien Gaudin, CEO and Co-founder of CareVoice, said: “We are collaborating with two types of insurers, those early movers in the health and wellness space who are already aware of the gaps in their capabilities, and new entrants who want to accelerate, avoiding the pitfalls and challenges other insurers have faced. Both types are looking to generate additional profitable insurance business directly and through attracting and retaining healthier customer profiles. We see an exciting future development of this partnership approach which delivers mutual growth.”

Matteo Stefanel and Udayan Goyal, Co-Founders and Managing Partners at Apis Partners, stated: “The success of CareVoice is clear, demonstrated by the revenue growth of 2x year-on-year by the end of 2023, and the geographical expansion to 15 countries worldwide. With this Series B commitment from Apis Insurtech Fund I, we look forward to continuing to support CareVoice as it matures further and leads the embedded health category as a global leading software for insurance companies.”

CareVoice’s success is further exemplified by testimonial from existing customer. Aura Rebelo, CEO of Fully Wellness Ecosystem at Prudential International Insurance, commented, “CareVoice has been instrumental in translating Prudential’s total wellness vision into reality by contributing to the delivery of Fully SuperApp, offering a holistic wellness user experience across physical, mental and financial wellness. CareVoice’s service ecosystem and data orchestration, its engagement framework as well as its continuous upgrade and innovation with evolving ecosystem are three critical capabilities for Fully Wellness Ecosystem to continuously expand the values for Prudential, its other business partners and their respective customers.”

CareVoice’s achievements and ongoing growth reflect the increasing demand for embedded health solutions and its potential to transform the insurance industry.

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About CareVoice

The CareVoice is on a mission to make insurance more human, with health at its core. We are a global embedded health leader that enables insurers to engage with their customers through configurable user journeys that leverage an open digital health ecosystem, delivered in any front-end solutions.

CareVoice has teams based across Asia and Europe, with insurer clients across Asia, Europe, the Middle East, Africa and America regions. Graduated from SOSV-backed Orbit Startups program (2016), Ping An Tech Accelerator (2018) and Insurtech Munich Hub (2020), CareVoice received multiple awards and ranked amongst the top 100 Global Insurtechs.

The CareVoice is backed by specialized Software, Healthtech and Insurtech VCs such as Apis Partners, LUN Partners or DNA Capital, and completed its Series A (2019) and its Series B (2024). www.thecarevoice.com

About Apis Partners

The Apis Group (“Apis”) is an ESGI-native global private equity and venture capital asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Collectively Apis, through its team of around 40 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of US$1.2 billion.

Including its headquarters in London, Apis has representation in eight countries across Europe, Asia, and Africa. Apis is highly conscious of the developmental impact that the provision of growth capital for financial services and financial infrastructure businesses in global markets can achieve, and as such, financial inclusion and financial wellness are core tenets of Apis’ impact investment approach. https://apis.pe/