Getsafe, a digital insurance service provider that’s focused on serving Millennial buyers in Germany and the United Kingdom, confirmed that it has now extended its Series B round to $93 million.
You might have heard already: We are excited to share that we extended our series B funding. Our main objectives: To accelerate our growth and to invest in our technology! 🚀🚀🚀 pic.twitter.com/GZIdkjBNTX
— Getsafe (@hellogetsafe) October 7, 2021
The neo insurance platform had previously revealed in December 2020 that it had acquired $30 million in capital as part of its Series B investment round.
Among the new investors in GetSafe are some of the most well-established family offices from Germany and Switzerland, including Abacon Capital. Existing investors Earlybird, CommerzVentures and Swiss Re also took part in the Insurtech firm’s latest round.
Getsafe’s management noted that they will use the proceeds to support their insurance license by the end of this year, and also to focus on their European business expansion efforts.
The company had applied for a license with Germany’s Federal Financial Supervisory Authority (BaFin) in 2020. With its own permit, Getsafe stated that it intends to further expand its product offering and innovations.
The Insurtech frm started providing renters insurance in Germany bac in 2017, and has now managed to expand its product portfolio to auto insurance products. It also introduced its renters insurance product in the United Kingdom last year.
Christian Wiens, CEO and Co-Founder of Getsafe, stated:
“The insurance brands we know today have been founded in a totally different era. But insurance, more than many other products, can be much better when powered by technology and machine learning. This is why we believe that insurance companies built from scratch, on their own digital platform, are set to become the dominant insurance players for the generations to come.”
As covered in May 2021, Getsafe is an emerging Insurtech based in Germany with international aspirations.
This past December, Getsafe had announced a $30 million funding round led by Swiss Re – bringing the company to $53 million in total funding.
It was reported, earlier this year, that Getsafe was looking to raise an additional €50 to €75 million funding round. The company apparently wants to evolve into underwriting risks on its own balance sheet.
As reported in May, Getsafe was serving 175,000 customers in Germany as well as the UK. As previously noted, Getsafe hopes to break even by 2024 and be operating as an underwriter at that time.
Founded by CEO Christian Wiens in 2015, Crowdfund Insider had connected (in May of this year) with Wiens for an update on his company.
Wiens had shared:
“We chose to expand to the UK despite Brexit, as it is a strong Fintech market in Europe and digitisation is deeply embedded in society. However, it hasn’t all been plain sailing. The COVID-19 pandemic disrupted Getsafe’s rapid expansion plans, with travel restrictions and reduced consumer spending acting as a hurdle. We had to set up a UK-based team first, which slowed us down a bit, but now we are seeing the fruits of our labor.”