June 30, 2022

Shift Technology secures its unicorn status

Deployed in the United States for more than three years, Shift Technology appreciates the increase in its notoriety with its customers, such as American insurance companies. The latter regularly constitute, with the pension funds, the LPs of funds from major local players in the private equity, which, consequently, lend an interested eye to the growth of this French publisher of insurance fraud detection software. Accel Partners, General Catalyst Partners and Bessemer Venture Partners had successively, over the course of fundraising, the last of which in 2019 (read below), joined its graspable. Advent International, an international fund managing more than $66.2 billion, is now entering directly as a major leader ina round of more than €182 million, completed recently. An operation that values ​​the company beyond one billion euros, and which signs its arrival among the hexagonal unicorns, the twelfth after that recent of Alan, the complementary health insurance (read below). “At the start of the year, a certain number of players approached the company, which recognized in Advent International the signs of an investor with a very good command of the insurance ecosystem, explains Julien-David Nitlech, Associate Director atIris Capital, historical shareholder who has been reinvesting here and systematically since the seed round in 2014, but also with a good address book and therefore an ability to support Shift in its growth. » ¨Furthermore, this is for the other French fund Elaia Partners, VC seeding specialist present for seven years and which does not reinject here, from the third unicorn, after Criteo and Mirakl.

Julien-David Nitlech, Iris Capital

The 2019 envelope still a little available

the new yorker Avenir Growth Capital, already present within Meero, another French nugget (see below), participates in the operation and further demonstrates the attractiveness of the investment industry across the Atlantic for Shift Technology. Bpifrance, through its fund Large Venture, as a reminder, endowed with more than €1.75 billion, is also part of the funding round. The trio of historical American investors mentioned above are also reinjecting cash on the occasion of this new capital increase. It should be noted, however, that the Ile-de-France publisher, founded for the record by Jeremy Jawish, Eric Sibony and David Durrlemann, still had some cash left. “The company had started the year with still a good part of the envelope that we had built up in 2019, since Shift Technology is experiencing good growth and managing its costs as well”, continues Julien-David Nitlech.

Expansion of the product range

Jérémy Jawish, Shift Technology

Jérémy Jawish, Shift Technology

In two years, the Parisian company, whose workforce has increased from 200 to more than 300 people, spread across its offices in London, Madrid, Singapore, Tokyo and Zurich, has therefore consolidated its customer base in the United States, as well as around the world, and which amounts to a hundred. Growth explained in particular by the expansion of its product range. As a reminder, Shift Technology, which is based on a Saas model, markets tools, based on artificial intelligence, for detecting fraud in claims declarations, as well as automating claims management, the latter due in particular at the request of insurers; a relationship which has continued since 2019. says the historical investor. We started with fraud, now we are able to support the life of an insurance policy from start to finish with the insurer, and enable it to optimize the policy and its customer relationship within the framework of life of the insurance policy. Shift Technology, which keeps its revenues quiet, 80% of which is generated outside France, now claims more than two billion claims analyzed.

300 recruitments

To continue to meet the needs of its customers, the company has chosen to organize a massive recruitment campaign, nearly 300, focused on hiring profiles of scientific engineers (data scientist, note). A team, which will thus be able to analyze all the insurance data that insurers will ask Shift Technology to help them process, consolidate its know-how, and which will join “the heart of the scientific reactor”, still installed in France, and supported by the one of the three co-founders, Eric Sibony.