TONI Digital, a Switzerland-based InsurTech startup, has raises $12.5m in a Series B funding round for its insurance-as-a-service solution.
According to a report from FinTech News Switzerland, the round was led by a consortium of distinguished investors and included the participation of existing investors, who continue to believe in the success and growth of the company.
Founded in 2017 and based in Zurich, the company aims to dismantle the old insurance value chain and build a value network with trusted partners.
As a digital insurance-as-a-service provider, TONI Digital offers personal and commercial insurance lines such as motor insurance, payment protection insurance, and life solutions on top of its insurance technology platform.
The InsurTech primarily pursues a B2B2C approach, working with leading retail and insurance brands as well as brokers on the distribution side.
TONI works with several insurance companies such as Munich Re, Helvetia, Vaudoise, Assista, and ERV to offer the different coverages.
According to a report from Coverager, Philippe Regazzoni, director of the board, TONI, said, “The funding is a clear manifest of the filled pipeline of new distribution partners, the continued growth, as well as the attractiveness of TONI’s business model. The demand for digital, embedded and specialized high-value insurance programs and solutions will further grow to serve customer’s expectations and demands.” –
Bernard El Hage, CEO of TONI Digital, added, “We would like to thank our investors for their continued support and trust in our team and our vision. We are planning to use the proceeds of this funding round to leverage our cutting-edge technology platform and to launch multiple new insurance programs and products as well as to enter new European markets. We will grow our sales, underwriting and engineering team. In fact, there are not many insurance lines that remain that we are not offering yet.”
Last year, fellow Swiss InsurTech JAROWA, a digital marketplace and transaction platform for insurance companies, property managers and leasing companies, raised CHF 12.4m in Series A funding.
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