getsafe: German insurance technology firm Getsafe raises $30 million from investors – Latest News
The five-year-old startup, current within the German and British markets, is looking for to disrupt an trade dominated by old-school brokers by providing month-to-month membership subscriptions to a youthful, extra technophile viewers.
Getsafe’s consumer numbers have grown to 150,000 and, with 30% of them having signing up for a second product, income is doubling each six months, CEO and founder Christian Wiens informed Reuters in an interview.
The Heidelberg-based startup is including auto insurance coverage to its core providing of legal responsibility and contents insurance coverage, and plans to broaden into areas like life cowl as its demographic matures and turns into extra affluent.
Getsafe has drawn comparisons with U.S. ‘insurtech’ firm Lemonade, which has tripled in worth since floating on the inventory market in July and instructions a market capitalisation of $4.8 billion.
It competes domestically with wefox, a well-funded digital platform that works with intermediaries – a mannequin that Wiens mentioned might drive short-term development however is finally doomed as a result of most brokers are nearing retirement age.
Getsafe is at the moment counting on insurance coverage accomplice Swiss Re to supply the steadiness sheet to again its merchandise however has utilized for a licence with German monetary regulator Bafin that it hopes will come via subsequent yr.
It plans to enter one other European market in 2021 and is seeking to float on the inventory market inside three years, Wiens informed Reuters.
Present traders, together with Earlybird and CommerzVentures, additionally took half in Getsafe’s Sequence B spherical, which introduced whole funding raised to $53 million.
