German digital insurer Getsafe has raised an additional $63m, taking the total funds raised in its Series B round to $93m.
The latest round was joined by new investors such as Abacon Capital. The company’s existed investors such as Earlybird, CommerzVentures and Swiss Re also participated in the latest round.
The funds will be used Getsafe for European expansion and secure an insurance license by the end of 2021.
Neo insurers’ services can be accessed through an app that can be used to buy, manage, tweak policies and file claims.
Getsafe CEO and co-founder Christian Wiens said: “The insurance brands we know today have been founded in a totally different era. But insurance, more than many other products, can be much better when powered by technology and machine learning.”
Getsafe, which aims to offer holistic coverage including life insurance, has applied for a licence with BaFin.
“Becoming a full-stack carrier will give us the necessary freedom to take unconventional paths and to realise innovations quicker than before,” Wiens added.
Getsafe, which launched its renters’ insurance in Germany in late 2017, has expanded its product portfolio to offer car insurance.
Its renters cover was launched in the UK in 2020, which accounts for a quarter of its total growth.
The millennial-focused insurer claims to serve a quarter of a million customers in Germany and the UK.
Earlybird partner Christian Nagel said: “The disruption of the insurance sector is well underway and holds lots of growth opportunities. Getsafe is uniquely positioned to bridge the gap between traditional insurance distribution and the needs of a new generation of customers across Europe.”