Germany-based insurance technology provider Simplesurance has raised funding from investors including e-commerce firm Rakuten and insurance group Allianz, taking its total funding to more than €30m ($32.3m).
Venture capital providers Rheingau Founders and Route 66 Ventures also participated in the round, Rakuten investing through the $100m fintech fund it launched in 2015. Simplesurance plans to raise additional funding before the end of 2017.
Simplesurance did not reveal the amount secured in the round, but the company had disclosed $11.5m of funding, including an $8m round in early 2015 featuring Rheingau Founders, Route 66 and an unnamed US-headquartered insurance firm, when Allianz invested an undisclosed sum in June 2016.
Founded in 2012, Simplesurance has developed software that enables online retailers to offer customers an insurance option when they are at the checkout stage, similarly to how a brick-and-mortar shop would offer customers a warranty.
Robin von Hein, founder and CEO of Simplesurance, said: “The additional funding will support the Simplesurance group in strengthening our competitive position as a leading cross-selling provider for product insurances for e-commerce businesses around the world as well as expand our digital consumer broker service.”
Oskar Mielczarek de la Miel, managing partner of Rakuten FinTech Fund, added: “With insurtech quickly becoming a growth area within fintech, the investment in Simplesurance as one of its most innovative and promising players makes perfect sense for us.”