Germany-based insurance products app developer Getsafe has completed a €15m ($17m) series A round backed by CommerzVentures, the corporate venturing arm of financial services firm CommerzBank.
The round was led by venture capital firm Earlybird and included unnamed existing investors. GetSafe expects to raise further funding over the next year, it said.
Founded in 2015 as Safe, Getsafe offers a range of insurance products that can be accessed and managed through its artificial intelligence-powered mobile app, an approach intended to appeal to millennials well acquainted with digital products.
The series A proceeds will facilitate Getsafe’s expansion into the wider European market, starting with the UK before moving on to other territories by 2020. The capital will also help GetSafe recruit in areas including customer care, software development and data science, with the aim of doubling its headcount to more than 100.
CommerzVentures, Acton Capital Partners and Btov Partners co-led a “high” seven-digit euro (€1m = $1.1m) round for GetSafe in 2015, investing together with e-commerce group Rocket Internet, Capnamic Ventures, Iris Capital, HW Capital and Partech Ventures. It came after Rocket Internet led a round of undisclosed size earlier in the year that included HW Capital and various angel investors.