German InsurTech company INZMO has reportedly netted €3.1m in its seed round to support its aim of simplifying the insurance process.
The round was led by Change Ventures, with contributions also coming from Helvetia, according to a report from IBSintelligence.
INZMO plans to use the capital to double its headcount, accelerate product development and design a range of new insurance products for its customers.
Policies available on the platform include protection for rental, mobile phones, laptops and tablets, and bikes. Through the mobile app, consumers can easily monitor their insurance cover, with the ability to quickly report any damage and get real-time updates on the claim progress.
INZMO co-founder Meeri Rebane said, “Our app eliminates the headache of managing the often complex insurance process by giving clients full and instant control. They can change policies, submit a claim, and receive up-to-date information.
“Meanwhile, our insurance partners can enjoy the benefit of INZMO’s comprehensive insurance back-office solution without having to invest in expensive development. Our technology also enables us to insure used property, giving us a larger reach in terms of customer base.”
The funding round puts the total capital raised to €5.2m.
InsurTech companies have had a great start to 2021. Among the companies to close investment rounds this year is Digit Insurance. The India-based online insurance platform recently became a unicorn after an $18.5m round put its valuation to more than $1bn.
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