Getsafe, the Germany-based operator of a digital insurance platform, raised $30m yesterday in a series B round led by reinsurance provider Swiss Re’s digital insurance subsidiary, IptiQ.
The round also featured financial services firm CommerzBank’s corporate venture capital arm, CommerzVentures, as well as venture capital firms Earlybird, Btov Partners and Capnamic Ventures.
Founded in 2015, Getsafe provides a mobile app aimed at millennials and the digitally savvy, offering access to a range of insurance products.
Users can apply for rental, legal and car insurance products through the app, and Getsafe intends to expand its offering into health and life insurance. It said it increased its total number of customers to more than 150,000 over the past 12 months.
The new funding will be used to expand the company’s operations into additional European markets and consolidate its position in Germany. It plans to extend the round with another tranche of funding expected to coincide with it securing an insurance license in the first half of 2021.
In June 2019, Getsafe received $17m in a series A round led by Earlybird that also featured CommerzVentures and undisclosed existing backers.
The company raised a seven-digit euro amount (€1m=$1.1m) in a 2015 round co-led by CommerzVentures, Acton Capital Partners and Btov Partners that included e-commerce holding group Rocket Internet, Capnamic Ventures, Iris Capital, HW Capital and Partech Ventures.
Rocket Internet had already led a round of undisclosed size for Getsafe earlier the same year that was backed by HW Capital and unnamed angel investors.