Getsafe scoops $30m Series B as it plots European expansion
The German insurtech is also looking to extend the round in the first half of 2020.
German digital insurance provider Getsafe has closed a $30m Series B funding round from new and existing investors.
The round, which was lead by Swiss Re’s digital platform iptiQ, saw involvement from the likes of N26 investor Earlybird, CommerzVentures, which has invested in fintechs such as iwoca and eToro,Raisin backer btov Partners and Capnamic Ventures.
Christian Wiens, founder and CEO of Getsafe, said: “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.”
To date, the insurtech has now raised $53m, with plans to extend this latest funding round in the first half of 2021.
Andreas Schertzinger, Europe, the Middle East and Africa CEO at iptiQ for Property and Casualty, added: “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.”
In November, Getsafe and iptiQ launched a smartphone-based car insurance product in November, marking the first collaboration between the two firms.
To help with Getsafe’s expansion plans, the insurtech provider applied for a property and casualty licence from the Federal Financial Supervisory Authority (BaFin) earlier this year.
The German fintech also recently teamed up with GoCompare to display its insurance products on the price comparison website.
Getsafe also officially launched in the UK back in February 2020, with the hope of making app-based insurance more accessible to its UK customers.