Amsterdam-based InsurTech firm, Insify, has successfully sealed its Series A funding round by amassing an additional $10.7m.
Insify is an innovative startup aimed at transforming the business insurance landscape by making it more accessible for freelancers and small to medium enterprises (SMEs).
The latest round of funding, amounting to $10.7m, was led by Munich Re Ventures, the venture capital arm of the notable reinsurance firm, according to a report from TechCrunch. Insify had previously established a partnership with Munich Re for its range of insurance products.
Existing investors Accel, Frontline Ventures and Berlin’s Visionaries Club reaffirmed their faith in the company, participating once again in the funding extension. The round also welcomed new investors including Formula 1 World Champion Nico Rosberg and Opera Tech Ventures.
Insify’s mission is to address the often-neglected segment of the business insurance market – freelancers and small firms. Large businesses typically have numerous insurance product options, however, freelancers and SMEs usually find the current offerings subpar. These smaller enterprises are often either underinsured or completely uninsured, despite the clear need and benefits of professional or corporate liability insurance.
The fresh injection of funds will be used to bolster Insify’s digital-friendly insurance solutions for SMEs. The company uses an online form and advanced analytics to gather detailed information about potential customers. The goal is to reduce customer acquisition costs and make business insurance more attractive and accessible for this underserved market segment.
Insify’s founder and CEO, Koen Thijssen, experienced firsthand the lack of suitable insurance solutions for SMEs. He stated, “Our rapid growth since our previous funding round in 2022 shows the desire and need for better insurance solutions from freelancers and SMEs across the continent.”
From February 2022 to now, Insify has seen impressive growth, expanding its client base from 1,500 to 10,000. Its insurance products have also broken into new markets, now being offered in France and Germany, in addition to the Netherlands. Before this latest funding round, Insify had raised a total of $26.7m as part of its Series A round.
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