Getsafe, a Germany-based digital insurance company, raised another $63m in funding, extending its Series B to $93m. The digital insurer closes a record-breaking financing Series B round and targets foreign markets expansion.
Led by Christian Wiens, CEO & Co-Founder, Getsafe is digitizing the entire insurance process and making it accessible through its smartphone app. Via its app, customers can buy, manage, and adapt their policies as well as file a claim on the go – all in just a few seconds. In return, investors received further shares in the company, The money will be necessary for BaFin’s equity requirements. Wiens hopes to obtain the license as a full insurer from the authority before the end of this year. „This license gives us the necessary freedom to take unconventional paths and to realize innovations more freely and faster than before,” says Wiens. „We will also invest in the technology and further growth,” he said.
According to Wiens, Getsafe currently employs around 150 people. In this context, another location in Germany is planned, Berlin is on the shortlist, explained Wiens, a decision is to be made this year.” The insurance brands we know today were built in a completely different era and under completely different conditions,” says Wiens. „But insurance can be much better if it’s backed by technology and machine learning. That’s why we believe insurance companies built from the ground up on their own digital platform will dominate the market in the coming decades.”
A host of new investors joined in on the round, including some of the largest family offices in Germany and Switzerland, such as Abacon Capital. Existing investors Earlybird, CommerzVentures and Swiss Re also participated in the top-up of Getsafe’s Series B.
Getsafe’s app is used by 30 per cent of its customers every month, a much higher engagement rate than its older, more traditional peers. The insurtech also recently teamed up with GoCompare in a bid to make app-based insurance more accessible to its UK customers.
In the long term, Getsafe wants to offer holistic insurance coverage for people across Europe, including life insurance. Getsafe is thinking about expanding to France, Spain, Italy and Austria.