Germany-based InsurTech platform Getsafe has closed its Series A funding round on $17m, with plans to raise more funds this year.
European technology-focused venture capital firm Earlybird led the investment, marking its first investment into the InsurTech. CommerzVentures and several other unnamed previous Getsafe backers, also committed to the round.
Having closed the round, Getsafe is preparing for its European expansion and the growth of its team. By the end of the year, it plans to launch in the UK – other market launches are scheduled for 2020.
Its current team is comprised of 50 employees, but it hopes the capital will enable it to double this figure, with focus put on its customer care, software development and data science teams.
Having just closed its Series A, Getsafe is already eyeing additional funding during the next 12-month period.
Getsafe is an online insurance platform which helps consumers purchase a range of insurance products through a mobile app. Its primary target-market is millennial customers, offering liability, renters and legal insurance – including modular add-ons for family members, bikes and drones.
The mobile app, users can buy insurance, manage policies and make claims. The platform recently launched contents insurance, helping users protect their personal items from theft, storm, fire, flooding, and negligence.
Last year, the company sold a total of 50,000 policies and is expecting to sell 180,000 by the end of 2019.
Getsafe co-founder and CEO Christian Wiens said, “We want to become the go-to insurance brand for a whole generation of young customers in Europe. To achieve this, we rely on technological solutions that simplify the lives of our customers and have built one of the most powerful insurance platforms in the world. Now it’s time to expand our activities at home and abroad.”
Last year, Earlybird held the €175m final close for its sixth early-stage tech fund, bringing its total capital under management to €1bn.
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