Phenomen, French leader in contingency insurance, announces that the private equity fund Abenex has acquired a minority stake of its capital alongside the management – Gérald Beyrand, Axel Calandre, Romain Bonvallet and Benoît Dominique – as well as a pool of historic investors.
Abenex will harness the full extent of its expertise to support Phenomen in the consolidation of its market leadership position in France and accelerate its deployment in Europe and beyond.
Abenex’s support will also result in a significant strengthening of the company’s operational and financial capabilities, enabling it to carry out transforming M&A transactions.
Capitalising on its +85% growth over the last three years and the 35+ million euros collected in premiums collected in 2022, Phenomen will be equipped to shift gears to reach, by 2024, new key milestones in its development: 5 million insured clients per year on its B2B2C Meetch business (embedded insurance platform in the ticketing, travel and transport sectors – https://meetch.io) and 10,000 events and media insured per year on its B2B Leeloo business (online cancellation insurance platform for events and media – https://getleeloo.io).
The current macro-environment characterized by heightened risks and structural uncertainties (linked notably to social unrest, climate change, etc.), has a direct impact on the coverage needs of individuals for activity cancellations (travel, entertainment, transport) and companies for event cancellations (sports, cultural, corporate). Against this backdrop, the strategic partnership with Abenex will enable Phenomen to reinforce its growth strategy. Phenomen’s growth strategy is built around technological and service innovation, as well as the creation of unique cancellation insurance products that provide tailor-made solutions to individuals and companies.
“The Abenex team has a perfect grasp of our growth challenges. We were struck by the relevance of their approach and their ambition for our project. We’re delighted to welcome them and start working together,” commented Gérald Beyrand and Axel Calandre, respectively Chairman and CEO of Phenomen.
Julien Keignart, Abenex, adds “We are sanguine about Phenomen’s niche expertise, its technological leadership and the quality of its insurance partners, guaranteeing their customers a high quality of service. We are delighted to support Phenomen’s management in replicating this model in new market segments and new European countries”.