Getsafe, a Germany-based insurtech startup, announced on Thursday it secured $17 million through its Series A funding round, which was notably led by Earlybird with participation from CommerzVentures and other existing investors. Founded in 2014, Getsafe claims it is looking to reinvent insurtech and is creating technology to make insurance simple, transparent, and fair.
“With just a few clicks, customers can learn about, buy, and manage insurance conveniently on their smartphone. Getsafe sees itself as a technology company that is active in the insurance sector – not the other way around. Together with renowned partners such as Munich Re and leading venture capital investors, Getsafe is bringing the concept of multi-line insurance into the digital age in a consumer-friendly way.”
Speaking about the company’s growth and development, Getsafe co-founder and CEO, Christian Wiens, stated:
“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.”
Wiens further explains:
“While US start-ups often tend to first scale and fix infrastructure later, we Germans like to do it the other way round.”
Christian Nagel, Partner at Earlybird, also commented:
“At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionize entire industries. The disruption of the insurance industry is in full swing and offers large growth potential. Getsafe’s app provides the simplest and most flexible access to affordable insurance products, especially for young people – a clientele that has remained hard to reach for the insurance industry.”
Funds from the Series A funding round will be used to continue the growth and development of Getsafe’s platform and insurtech products.