Grace raises €5.9 million seed to offer insurance to luxury goods

Grace, an insurance company for luxury goods, announced a $6.4 million (€5.9 million) seed round led by FinTechCollective and Speedinvest. Grace, an insurance company for luxury goods, works with luxury brands to protect purchased consumer goods. If an item 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. On Wednesday the company announced a $6.4 million (€5.9 million) seed round led by FinTechCollective and Speedinvest. It confirmed that it is working with at least one major luxury brand in Europe, though it declined to share the name. Co-founder and President Lou Dana said that she and her co-founders — Quentin Roy, CEO, and Martin Lenweiter, Grace’s CTO — decided to launch this company after seeing how unprotected many luxury goods still are, especially when people are traveling abroad. “There was clearly a massive gap between the service levels luxu ... Read full article.