German digital insurance startup Friday has sealed €114m of new investment capital from VC and trade sources.
SevenVentures – the financial investor of ProSiebenSat.1 Media – and German Media Pool are investing €39m, with another €75m coming from Friday founder and majority shareholder The Baloise Group.
Friday specialises in digital car insurance operations, and has acquired more than 45,000 new customers for its car coverage since it was founded in 2017.
Florian Pauthner, CEO SevenVentures, “An investment in the digital insurance product area offers considerable potential. Friday has achieved significant success in a multi-billion euro market in the shortest time.
“With its customer-oriented product development, the team modernizes processes and optimizes the customer experience.
“We are convinced that with our media investment and extensive experience we will build the brand rapidly, gain market confidence and further drive Friday’s growth. The initial TV campaigns have shown good results.”
Aljoscha Kaplan, managing director at German Media Pool, added, “The time is right to get in.
“Digitalization is currently changing consumer behavior in insurance, and offers unique opportunities for new insurance products.
“The Friday team has shown that it can create innovative products and successfully place them on the market.”
Copyright © 2019 FinTech Global