Accel Partners et al. in $28m Shift Technology series-B

US-based Accel Partners and General Catalyst co-led the round, with participation from previous French investors Elaia Partners and Iris Capital.

Accel Partners closed its Accel VII fund on $480m in early August this year. The fund prefers to invest $15-30m per transaction, according to unquote" data.

In May 2016, Accel invested $10m in a series-A round for Shift. 

The new round of funding will allow Shift to open offices in two key strategic markets, New York and Tokyo, in Q1 2018.

Company
Founded in Paris in 2014, Shift is headquartered in Paris with offices in Singapore, Hong Kong, Madrid, London and Zurich. The company provides a software-as-a-service platform using artificial intelligence, and aims to help insurers automate fraud detection processes, lowering costs per claim. It has a staff of 90.   

According to a press release, the company grew its turnover by more than 800% in the past year. 

People
Accel Partners – Brian O’Malley (partner).
General Catalyst – Adam Valkin (managing director).
Iris Capital – Jean-David Nitlech (partner).
Elaia Partners – Philippe Gire (partner).
Shift Technology – Jeremy Jawish (CEO); David Durrleman (chief technology officer).

Advisers
Equity – Dechert, Anne-Charlotte Rivière (legal).

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