Insify raises €15m to scale up operations

Digital insurance platform Insify aimed at Europe’s entrepreneurs and SMEs has raised €15m in a Series A funding round.

The round was led by Accel with participation from Visionaries Club and existing investors Frontline Ventures and Fly Ventures.

Angel investors from European fintech companies also joined the round.

Insify will use the proceeds to scale up operations, increase employee headcount, foray into new European markets and enhance underwriting and data analytics capabilities.

Insify estimates that the European commercial insurance market is worth over €150bn and over Europe’s 25 million SMEs are underserved by traditional insurers.

It is looking to change that by leveraging its end-to-end digital platform and offering SMEs a business insurance quote quickly.

The insurtech uses data analytics to offer coverage that is customised and priced individually for each business.

Insify’s product portfolio includes business liability, professional indemnity and occupational disability cover.

With backing from Munich Re, it caters to entrepreneurs and SMEs operating in the e-commerce, leisure, construction, and IT space, among others.

Accel partner Luca Bocchio said: “Insify is challenging the status quo with a delightful and seamless end-to-end digital customer journey, underpinned by its world-class data analytics and continuous underwriting technology.

“It takes an entrepreneur to understand what entrepreneurs want and face every day which is why I am confident that Koen and his excellent team will accomplish what they have set out to do; fundamentally transform how business insurance is accessed and offered across Europe.”

Founded in 2020, Insify’s services are available through embedded partnerships with e-commerce and fintech platforms, direct online signup, and brokers among others.

Insify CEO and founder Koen Thijssen said: “With our easy-to-use platform, we can deliver a tailored and accurately priced insurance policy to an entrepreneur’s inbox in as little as two minutes, giving them the peace of mind that they need to focus on their core business.”