Germany-based insurance technology developer Simplesurance has raised $24m in a series C round led by Allianz X, the digital investment unit for insurance provider Allianz, Intelligent Insurer reported on Tuesday.
Rakuten Capital, an investment subsidiary of e-commerce firm Rakuten, also contributed to the round, as did venture capital firm Rheingau Founders.
Founded in 2012, Simplesurance has created software that allows online retailers to offer consumers insurance for purchases during the checkout process. It operates across the European Union, and in the US through a partnership with risk management services provider Assurant.
The funding will enable Simplesurance to expand further internationally, beginning with Japan where it hopes to launch later this year, according to Handelsblatt.
The money will also allow the company to introduce additional features including a cyber insurance policy, a type of product that insures against security breaches or other digital attacks.
Simplesurance has now raised $48m in total, according to Handelsblatt. It is unclear whether the $24m figure includes the undisclosed sum that Allianz, Rakuten, Rheingau Founders and Route 66 Ventures provided in March 2017.
At that point, Simplesurance’s total funding was said to be more than $32.3m, and the company was expected to raise additional capital by the end of 2017.
Rheingau Founders, Route 66 and an undisclosed US-based insurance provider invested $8m in the company in 2015, before Allianz committed an unknown sum in 2016 as part of a strategic collaboration agreement.
Nazim Cetin, CEO of Allianz X, said: “We are excited about Allianz X’s follow-on investment into Simplesurance. We have developed a great partnership and look forward to continuing the partnership and cooperation with Simplesurance.”