Getsafe, an insurtech startup based in Heidelberg, has added another $ 63 million After extending the Series B round to 93 million.
With the participation of new investors Abacon Capita and new investors such as Earlybird, CommerzVentures and Swiss Re, the round extension will encourage startups to finance their insurance license and accelerate European expansion. Christian Nagel, a partner at Earlybird, mentioned the turn by saying:
“We are excited to work with the team surrounding CEO Christian Wiens. It’s a wonderful journey to engage people with digital insurance experience and participate in Getsafe’s vision to change this industry in a sustainable way. “The breakdown in the insurance sector is very good and has many growth opportunities. Getsafe is a unique location to cover the gap between traditional insurance distribution and the needs of new generations of customers across Europe.”
Getsafe has been offering rental insurance in Germany since the end of 2017, but has also expanded its offer of car insurance. Startup growth has also included entering new markets such as the UK in 2020, which is now a quarter of its total growth.
The startup insurance industry was born out of the belief that it had not adapted to the modern era, refusing to change its old ways, not digitizing old systems and procedures. Christian Wiens, CEO and one of the founders of Getsafe, said:
“The insurance brands we know today were created at a completely different time. But insurance, more than many other products, can be much better with technology and using machine learning. That’s why we believe that insurance companies built from scratch will become the main insurance agents for future generations on their digital platform. “
Getsafe is now focusing on expanding its presence throughout Europe, offering a holistic approach insurance coverage to millions of people, while also expanding its product line, leveraging its technology pipeline.