Getsafe, the ‘neo-insurer’ that has a quarter of a million customers in Germany and the UK, hopes to use the funds to expand further.
German digital insurance firm Getsafe has completed its Series B round at $93m, having secured an additional $63m in funds.
Among its new investors are some of the largest family offices from Germany and Switzerland, including Abacon Capital. Existing investors Earlybird, CommerzVentures and Swiss Re also participated in the round.
The ‘neo-insurer’ has made a name for itself targeting millennial customers, and currently serves a quarter of a million people across Germany and the UK. It was founded in 2015 by CEO Christian Wiens and CTO Marius Simon.
The company has digitised the entire insurance process, making it accessible through a smartphone app. Via the app, customers can buy, manage and adapt their policies as well as file a claim instantly.
“The insurance brands we know today have been founded in a totally different era,” said Wiens.
“But insurance, more than many other products, can be much better when powered by technology and machine learning. This is why we believe that insurance companies built from scratch, on their own digital platform, are set to become the dominant insurance players for the generations to come.”
Getsafe plans to use the fresh funding to secure its own insurance licence by the end of this year. It also aims to accelerate its European expansion.
The company launched its renters’ insurance product in the UK last year and now one-quarter of total growth is generated through the British market. The product has been available in Germany since 2017, and since then Getsafe has expanded its product portfolio to include car insurance.
Commenting on his organisation’s investment in Getsafe, Christian Nagel, partner at Earlybird, said: “The disruption of the insurance sector is well underway and holds lots of growth opportunities. Getsafe is uniquely positioned to bridge the gap between traditional insurance distribution and the needs of a new generation of customers across Europe.”
Getsafe applied for a licence with the Federal Financial Supervisory Authority last year and hopes to speed up the expansion of its product offering.
“We don’t only want to do insurance differently, but we want to make it unconditionally better,” said Wiens. “The innovations in the insurance market we’ve seen so far are merely the tip of the iceberg.”
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