Axa and Invitalia lead €750,000 round for Floome

The deal marked the first investment in the Italian sector for Axa Strategic Ventures, the investment arm of insurance company Axa.

Prior to the deal, the company was part of the Italian incubator Start Cube and receive seed capital from several business angels.

In a statement, the company said it intends to use the fresh capital to expand its team as well as extend its client base to several companies, including insurance companies, transportation businesses and alcohol retailers, as well as big data analysis firms focused on alcohol consumption.

Company
Based in Padua, Floome has developed a breathalyser device operated through a smartphone app. The mobile application calculates the alcohol level in the user's breath, and subsequently can arrange a taxi or notify a friend, in order to avoid driving under the influence.

The company was founded in 2013 and currently claims 20,000 customers.

People
Invitalia Ventures – Mario Scudieri (investment manager).
Axa Strategic Ventures – Minh Q Tran (general partner).
Floome – Fabio Penz (co-founder, CEO); Marco Barbetta, Luca Escoffier (co-founders).

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• Topics
• Expansion
• Technology
• Southern Europe
• Venture
• Italy