Digital insurance firm Getsafe has secured Series B investment of $30m to expand its geographic presence.
The fundraising was led by Swiss Re’s digital platform iptiQ, who was joined by existing backers Earlybird, CommerzVentures, btov Partners and Capnamic Ventures.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe fresh investment takes the total capital raised by Getsafe to date to $53m.
The infusion by iptiQ builds on its existing alliance with Getsafe, which led to the roll-out of a smartphone-based car insurance offering in Germany.
iptiQ EMEA P&C CEO Andreas Schertzinger said: “Getsafe has established itself as a very promising insurtech brand, and we are pleased to lead this funding round.
“As their partner, we will support future growth by combining iptiQ’s digital platform and insurance expertise with their mobile-first distribution model. Together, we will develop digital insurance products that are appealing, relevant and affordable for their growing customer base.”
The Getsafe app enables customers to file claims, buy insurance, and manage their policy in real time.
The firm currently provides renters, legal and car insurance with plans to expand into health and life in the future.
This year, it has applied for a property and casualty insurance licence from the Federal Financial Supervisory Authority (BaFin).
Over the past year, the firm has forayed into the UK and grown its customer base to over 150,000. Its staff headcount is now more than 120.
The firm will utilise the new funds to strengthen its position in Germany as well as expand into more markets across Europe.
Getsafe founder and CEO Christian Wiens said: “Together with them and our existing investors, we want to build on our position as the leading insurer for a new generation of customers.
“The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany and to expand into other European markets.”
Last month, Getsafe partnered with British price aggregator GoCompare to further expand its UK presence.
