German and UK InsurTech companies account for half of the top 10 deals in the sector in the first nine months of the year

More than $623m has been raised by InsurTech companies in Europe so far this year across 64 deals, with half of these transactions being raised by companies in either the UK or Germany.

Over $505m was raised in the ten largest InsurTech deals in Europe in the first nine months of the year, equal to 81.2% of the total capital raised by InsurTech companies in the region during the period. Five of these top ten deals were raised by companies in either the UK or Germany.

The largest InsurTech deal of the period was completed by FRIDAY, a Berlin-based digital insurer which offers innovative car insurance with completely paperless administration and kilometre accurate billing. They raised $127.7m in a combination of media-for-equity and equity financing from SevenVentures, German Media Pool and Baloise Strategic Ventures. The equity raised will make it possible to publicise its products to group-specific advertising environments and assist in scaling the business.

The largest UK-based InsurTech deal of the period came from Zego in their $42m Series B round led by Target Global. Zego provides flexible commercial insurance for businesses and professionals working in the on-demand economy, who were previously constrained by traditional insurance policies. The capital raised will be used to enhance the company’s tech platform and accelerate expansion across Europe.

The data for this research was taken from the FinTech Global database. More in-depth data and analytics on investments and companies across all FinTech sectors and regions around the world are available to subscribers of FinTech Global. ©2019 FinTech Global

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