Germany-based digital insurance startup Friday raised €114m ($128m) in funding today from investors including its founder, insurance holding company Baloise Group, which provided €75m.
The remaining €39m was supplied by SevenVentures, the corporate venturing vehicle operated by media group ProSiebenSat.1, and German Media Pool, the media-for-equity investor backed by a range of print, television, radio and outdoor media partners.
Friday operates an online insurance offering that is initially focusing on automotive insurance, billing customers per kilometre travelled. It offers customers the monthly option to terminate their contract and the ability to include friends as co-drivers.
The company was founded in 2017 by Baloise, which remains its majority shareholder, and became fully independent in May 2018. It has signed up more than 45,000 customers to its auto insurance coverage and aims to become the largest digital insurance provider in Germany by 2021.
Christoph Samwer, chief executive of Friday, said: “By opening up Friday to new investors, we are taking the next step with partners that Friday knows well and to assist in scaling. We are pleased to have enlisted these trusted partners as investors.”
SevenVentures CEO Florian Pauthner added: “An investment in the digital insurance product area offers considerable potential. Friday has achieved significant success in a multi-billion euro market in the shortest time. With its customer-oriented product development, the team modernises processes and optimises the customer experience.
“We are convinced that with our media investment and extensive experience we will build the brand rapidly, gain market confidence and further drive Friday’s growth. The initial TV campaigns have shown good results.”
Image courtesy of Friday.
