Kartesia leads €25m round for Vet+a

According to a source familiar with the situation, the pan-European debt investor provided a €25m convertible loan to the business via its 2013-vintage Kartesia Credit Opportunity III fund. The debt facility includes a "significant equity upside" for the GP, the source added.

According to a statement, the company is keen on boosting its internationalisation, particularly towards Latin America, France and the UK. Furthermore, the management team is keen on expanding its product offering through its different platforms, Vet+a, Verifica, Degnor and Evalua.

The deal is the second investment in the insurtech sector for the GP, following the €10m financing injection for Madrid-based automotive insurance software developer GT Motive in January 2017.

Kartesia Credit Opportunity III launched in September 2013 and held a final close on €507m in March 2015, surpassing its €400m target and €500m hard-cap.

Company
Headquartered in Madrid, Vet+a develops a software for the provision of appraisal and claim management services for home and property insurers.

People
Kartesia – Jamie Prieto (founding partner).
Vet+a – Javier Romero (CEO).

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• Topics
• Expansion
• Technology
• Southern Europe
• Spain
• Venture