Getsafe, an insurtech startup based in Heidelberg, has raised an additional $63 million after extending its Series B round to $93 million.
With participation from new investors Abacon Capita and existing investors like Earlybird, CommerzVentures, and Swiss Re, the round extension will boost the startup’s efforts to fund its own insurance license and accelerate its European expansion. Christian Nagel, Partner at Earlybird, referred to the round by saying:
“We are delighted to work with the team surrounding CEO Christian Wiens. Getsafe’s vision to excite people with a digital insurance experience, and to sustainably change this industry is a fantastic journey to be part of. At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionise entire industries. The disruption of the insurance sector is well underway and holds lots of growth opportunities. Getsafe is uniquely positioned to bridge the gap between traditional insurance distribution and the needs of a new generation of customers across Europe.”
Getsafe has been offering renting insurance in Germany since late 2017 but has expanded its range to include car insurance too. The growth of the startup has also included its introduction to new markets such as the United Kingdom in 2020, which now represents a quarter of its total growth.
The startup was born from the belief that the insurance industry had not adapted to modern times, refusing to change its old ways by not digitizing legacy systems and procedures. Christian Wiens, CEO & Co-Founder of Getsafe, said on this regard:
“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.”
Getsafe is now focusing its efforts on expanding its presence across Europe, bringing holistic insurance coverage to millions of people while also expanding its product line by taking advantage of its technology pipeline.