Amsterdam-based insurtech startup Insify has completed its Series A funding round with another €10 million ($10.7 million at today’s exchange rate). Overall, the startup has raised €25 million as part of its Series A round ($26.7 million).
Munich Re Ventures, the venture capital division of the large reinsurance company, is leading the extension round. Insify has already been working with Munich Re for its insurance products. Existing investors Accel, Frontline Ventures and Berlin’s Visionaries Club are investing in the extension. There are some new investors as well, namely Formula 1 World Champion Nico Rosberg and Opera Tech Ventures.
As a reminder, Insify addresses the long tail of the business insurance market. While big companies usually have plenty of options when it comes to insurance products, if you’re a freelancer or a small company with a handful of employees, the current experience isn’t great.
Small and medium companies are most often underinsured or don’t have any insurance at all. And yet, many businesses could benefit from a professional or corporate liability insurance, or should get some form of coverage in the rare case that they are no longer able to work.
“As an entrepreneur myself, I have experienced first-hand how SMEs are underserved when it comes to business insurance, with many legacy providers failing to offer a digital-friendly, streamlined and competitive offering – meaning that many businesses simply go without cover,” founder and CEO Koen Thijssen said in a statement. “Our rapid growth since our previous funding round in 2022 shows the desire and need for better insurance solutions from freelancers and SMEs across the continent.”
With Insify, small companies can get a quote directly from the company’s website. In addition to the online form, the company uses advanced analytics to get some additional information about a potential customer. Essentially, Insify wants to lower the customer cost acquisition so that this segment of the market can make sense.
Since my last post on the company in February 2022, the company has grown from 1,500 to 10,000 clients. In addition to the Netherlands, the startup’s insurance products are now also available in France and Germany.