IptiQ, global reinsurance giant Swiss Re’s digital B2B2C provider of bespoke insurance solutions, recently led insurtech Getsafe’s Series B funding round, in which the digital insurer raised an additional $30 million.
This latest funding round takes the firm’s total funding to $53 million, which makes it one of Europe’s best funded insurtech companies.
Led by iptiQ, existing investors Earlybird, CommerzVentures, btov Partners and Capnamic Ventures also participated in the funding.
Getsafe states that it intends to extend its funding with a second tranche to be closed ahead of the receipt of its own insurance license, scheduled for the first half of 2021.
Christian Wiens, founder and Chief Executive Officer (CEO) of Getsafe, commented: “We are thrilled to have iptiQ as our new lead investor and partner. Together with them and our existing investors, we want to build on our position as the leading insurer for a new generation of customers. The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany and to expand into other European markets.”
The latest funding round sees Getsafe and iptiQ deepen their existing relationship, after the pair launched the first digital car insurance optimised for smartphones in Germany last month.
Andreas Schertzinger, CEO at iptiQ EMEA P&C, said: “Getsafe has established itself as a very promising insurtech brand, and we are pleased to lead this funding round. As their partner, we will support future growth by combining iptiQ’s digital platform and insurance expertise with their mobile-first distribution model. Together, we will develop digital insurance products that are appealing, relevant and affordable for their growing customer base.”
Getsafe explains that its self-developed platform enables it to offer products for life phases and markets under one strong brand, while at the same time working with different insurers or reinsurers.
In the future, the firm has plans to deliver products and services to customers even faster. To achieve this, Getsafe applied for a property and casualty insurance license from the Federal Financial Supervisory Authority (BaFin) earlier this year.
“We want to inspire and positively surprise people with a digital customer experience. What we have seen so far in terms of innovation in the insurance market is just the tip of the iceberg,” said Wiens.
Over the past 12 months, the company notes that it has entered the British marketplace, expanded its number of customers to more than 150,000, and now employs more than 120 people.
“In the middle of one of the biggest economic crises in history, we have undergone rapid development and established ourselves as an insurance company for consumers with a preference for digital channels. However, we are still at the beginning of our journey and have plenty to do to make insurance more digital throughout Europe,” added Wiens.