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German insurtech startup Getsafe adds $63 million to its Series B – FiratNews

German insurtech startup Getsafe adds $63 million to its Series B – TechCrunch

Getsafe has prolonged its Sequence B spherical that it beforehand introduced in December 2020. Along with its authentic Sequence B spherical of $30 million, the corporate is including one other $63 million in recent capital. General, Getsafe has raised a $93 million Sequence B spherical.

Buyers in at present’s funding spherical embody unnamed household workplaces in addition to Earlybird and Abacon Capital. A few of the firm’s current traders, akin to CommerzVentures and Swiss Re, are additionally investing within the firm as soon as once more.

The German firm initially began with a digital-first house contents insurance coverage product. It sells its merchandise immediately to finish clients by means of its web site and app. Over time, Getsafe expanded to new merchandise, akin to private legal responsibility, canine legal responsibility, drone legal responsibility, bike theft safety and automotive insurance coverage.

The service is now energetic in two markets — Germany in addition to the U.Okay. Whereas Getsafe nonetheless has extra clients in its house market, the corporate’s metrics are going up. Getsafe presently has round 225,000 clients in Germany and 25,000 clients within the U.Okay. In December 2020, FiratNews’s Steve O’Hear reported that Getsafe solely had 150,000 clients general.

What’s fascinating is that Getsafe really believes one of the best ways to promote insurance coverage merchandise is thru a direct relationship with its finish clients. The cellular app acts as a key a part of the corporate’s product providing as you should purchase new insurance coverage merchandise, handle your current contracts and file claims immediately by means of the app.

It is a fully completely different technique while you examine it to Wefox, one other large German insurtech firm that raised $650 million earlier this yr. Wefox companions with 700 brokers and 5,000 affiliate brokers — they distribute Wefox merchandise to their very own clients.

With Getsafe’s direct-to-consumer method, the startup manages to promote its merchandise to loads first-time insurance coverage consumers. And Getsafe has numerous engagement with its app. 30% of the corporate’s clients open the app no less than as soon as monthly, which results in numerous upselling alternatives.

With the extra funding, Getsafe plans to lastly get its personal insurance coverage license. It has been engaged on this course of for some time because it doesn’t need to act as a dealer going ahead. Getsafe’s totally licensed insurer ought to go dwell quickly, sooner or later in 2021.

The corporate can be going to spend money on its product, develop to new classes and new markets. Up subsequent, Getsafe is considering increasing to France, Spain, Italy and Austria.

2 Getsafe Service YourCoverage CarlaEN

Picture Credit: Getsafe

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