Berlin-based InsurTech SureIn, a firm that specialises in delivering end-to-end insurance solutions, gas bagged €4m in seed funding.
In a significant move, SureIn recently closed a seed funding round worth €4m. Leading the investment charge was Pact VC, with notable participation from German VC fund xDeck. The round also saw influential business angels like Warrick Shanly, founder of Koro Capital; Robin Haak, founder of Robin Capital; and Vincenz Klemm, the exited founder of Gabi insurance. Prior investors in SureIn’s journey include names such as Arc, Sequoia Capital’s pre-seed, seed stage catalyst, and Atlantic Labs.
The European SMB insurance landscape has historically been a tricky one. Despite having 24 million businesses, the sector has struggled with innovation. Traditional insurance solutions for these businesses have been largely inflexible, often leaning on outdated strategies and products. This leaves many SMBs either under-insured or without any coverage, risking their very existence.
At the heart of SureIn’s mission is a radical transformation of this status quo. It aims to illuminate the often-murky world of SMB insurance, guiding entrepreneurs to understand their unique risks and find tailor-made insurance products. Moreover, SureIn’s pricing strategy seeks to offer these premium products at competitive rates.
Spearheading this transformation, SureIn has created a proprietary platform tailored to SMBs. With this platform, businesses no longer need to build their own systems or wade through third-party tools. Since its inception in 2022, the platform has flourished, registering over €1m in gross written premiums and is on the cusp of securing its 1,000th SMB client.
This innovative approach extends to the variety of verticals SureIn serves. From hospitality to beauty and wellness, and from services to construction, SureIn adopts a deep-dive strategy. This ensures every segment gets tailored risk protection. Furthermore, SureIn stands out with its automated risk monitoring system, which keeps policies up-to-date for optimal risk protection.
SureIn CEO and Co-founder Daniel Dierkes remarked, “Our experience in the market shows no SMB entrepreneur really knows their risks and which insurance they need. Clearly, there is something wrong in this market. With this in mind, our overarching mission is to dispel the opaque nature plaguing the industry.”
Monik Pham, Founding Partner at Pact VC, said, “SMBs are the backbone of Europe. SureIn’s solution uniquely places them to change the insurance market by providing fair access to products.”
Sequoia Partner George Robson echoed these sentiments, stating, “We partnered with SureIn early on because we strongly believe in the team’s mission. SureIn is constantly monitoring these changes to make sure clients’ coverages are up-to-date.”
With this new infusion of €4m, SureIn is poised to further scale its efforts. The funding will be channelled towards expanding the technical team, refining platform automation, and boosting operational efficiency.
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