Digital insurance company GetSafe has secured $63m in funding to extend its Series B total raise to $93m.
The funding round saw participation from Abacon Capital, CommerzVentures, Swiss Re and Earlybird.
Founded in 2015, Getsafe is a digital insurance company that offers liability, contents and car insurance in Germany and contents insurance in Germany and the UK. The digital insurer is targeting millennial buyers and currently serves over 250,000 customers – making it the largest neo-insurer in Europe.
The firm began offering insurance to German renters in 2017, before introducing its renters insurance product in the UK in 2020. Getsafe also expanded its portfolio with the launch of a car insurance product at the end of last year.
Getsafe is digitising the complete insurance process and boosting its accessibility through its smartphone app, where customers can buy, adapt and manage their policies as well as file a claim on the go.
In the long term, the InsurTech wants to offer insurance coverage for people across Europe – including life insurance.
According to Getsafe, it plans to use the newly raised funding to fund its own insurance licence by the end of 2021 and accelerate its expansion across Europe. The company recently applied for a licence with the German organisation BaFin, which it hopes will help it expand its product offering and innovations even faster.
Getsafe CEO and co-founder Christian Wiens said, “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.
“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.”
Earlybird partner Christian Nagel added, “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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