German insurtech start-up Thinksurance has raised €13m in a Series B funding round led by Eight Roads Ventures to modernise insurance distribution platform.

The Frankfurt-based insurer has developed a platform that allows insurers, distributors, brokers and agents to digitalise their distribution process.

The platform digitalises the entire commercial insurance distribution process from initial consultation to issuing policy documentation.

At present, Thinksurance has teamed up with all major insurers as well as over 20,000 brokers and distributors.

Thinksurance intends to use the proceeds to hire more employees, develop its existing analytics platform, and expand the business in new markets worldwide.

Thinksurance CEO and co-founder Florian Brokamp said: “We are really excited to partner with Eight Roads Ventures, who have shown trust in our team and business model and have an in-depth understanding of our industry.

“We are in a situation where we do not necessarily need any funding – however, Eight Roads Ventures brings a strong global network and track record of helping companies scale, while enabling management to maintain independent decision-making.

“Together, we are focused on building a sustainable business for the long-term that will have a positive and transformational effect on our industry.”

As part of the funding, Lucile Cornet from Eight Roads Ventures has gained a seat on the Thinksurance’s board.