Digital insurer Getsafe extends series B funding round

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Digital insurer Getsafe has secured another $63 million (£46.2 million) in funds, extending its series B round to $93 million (£68.1 million).

Among the newest investors in the insurtech, which serves 250,000 customers in Germany and the UK, are large family offices in Europe, including Abacon Capital, as well as Earlybird, CommerzVentures, and Swiss Re.

Getsafe plans to use the capital to fund its own insurance licence by the end of 2021 and to accelerate its European expansion.

The company began offering renters insurance in Germany in late 2017, and has expanded its product portfolio to a car insurance product at the end of last year. 

It also launched its renters insurance product in the UK in 2020. Currently, one quarter of Getsafe’s total growth is already generated through the British market.

The insurtech is digitising the entire insurance process and making it accessible through its smartphone app, where customers can buy, manage, and adapt their policies as well as file a claim.

Christian Wiens, chief executive officer and co-founder of Getsafe, comments: “The insurance brands we know today have been founded in a totally different era. 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.” 

To control the full value chain, Getsafe has applied for an insurance licence with Germany’s Federal Financial Supervisory Authority last year.

With its own licence, Getsafe plans to expand its product offering and innovations even faster. Wiens says: “We don’t only want to do insurance differently, but we want to make it unconditionally better. The innovations in the insurance market we’ve seen so far are merely the tip of the iceberg. Becoming a full-stack carrier will give us the necessary freedom to take unconventional paths and to realise innovations quicker than before.”

Commenting on its investment, Christian Nagel, partner at Earlybird, says: “We are delighted to work with the team surrounding CEO Christian Wiens. Getsafe’s vision to excite people with a digital insurance experience, and to sustainably change this industry is a fantastic journey to be part of.”

“At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionise entire industries. 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.”

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Mark Dugdale is the editor of Claims Media. Mark welcomes articles, letters or feedback from readers and can be reached via mark.dugdale@barkerbrooks.co.uk