INZMO, a Germany-based insurtech startup, announced on Thursday it secured €3.1 million through its latest seed investment round, which was led by Change Ventures with participation from Swiss insurance giant Helvetia.
Founded in 2016, INZMO aims to simplify the insurance process with its full-stack platform that combines all the steps from purchasing a policy to filing a claim in a distal-first manner.
“The startup focuses on B2B2C solutions across multiple verticals from consumer electronics and bike insurance to rental deposit insurance.”
Meeri Rebane, Co-Founder of INZMO, spoke about the company’s services by stating:
“Our app eliminates the headache of managing the often complex insurance process by giving clients full and instant control. They can change policies, submit a claim, and receive up-to-date information. Meanwhile, our insurance partners can enjoy the benefit of INZMO’s comprehensive insurance back-office solution without having to invest in expensive development. Our technology also enables us to insure used property, giving us a larger reach in terms of customer base.”
INZMO further revealed that it will partner with property owners, agents, and marketplaces to offer its rental deposit insurance. The product backed by Société Générale will be available in the coming weeks for new and existing rental agreements. Those with existing monetary deposit arrangements will be able to easily switch. INZMO added it will use the funding to double its headcount, accelerate product development and to focus on new business. It will also add new products focused squarely on the household insurance sector including a rental deposit insurance offering aimed at the lucrative German rental market comprising 40 million private rental premises.
