Getsafe adds another $63m its Series B as it doubles down on expansion plans

Ten months on from closing the first round of its Series B, digital German insurance provider Getsafe has more than tripled its latest funding.

The insurtech has added $63m to its Series B funding round, taking the total raised in the funding effort to $93m.

A host of new investors joined in on the round, including some of the largest family offices in Germany and Switzerland, such as Abacon Capital.

Existing investors Earlybird, CommerzVentures and Swiss Re also participated in the top-up of Getsafe’s Series B.

“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,” Christian Nagel, partner at Earlybird, said.

“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."

Using the fresh capital, Getsafe plans to accelerate its European expansion—the insurtech launched in the UK back in February 2020 and a quarter of its total growth is currently generated in the UK market.

“The insurance brands we know today have been founded in a totally different era,” Christian Wiens, CEO and co-founder of Getsafe, added.

“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’s app is used by 30 per cent of its customers every month, a much higher engagement rate than its older, more traditional peers.

The insurtech also recently teamed up with GoCompare in a bid to make app-based insurance more accessible to its UK customers.