German insurance start-up Getsafe has completed a Series A funding round led by a new investor Earlybird in which it raised $17m (€15m).
The round was also joined by Commerzbank Group’s corporate venture capital fund CommerzVentures and existing investors.
Getsafe targets millennial customers by providing an assortment of digital insurance products which can be instantly purchased using mobile phones.
The coverages offered by the company include dental, liability, renters, and legal insurance – including add-ons for family members, bikes and drones.
The proceeds will be used by the company to expand its operations in the European market, including the UK by the end of the year.
Additionally, the company will increases its headcount to 100 from existing 50 employees in customer care, software development and data science divisions.
Getsafe co-founder and CEO Christian Wiens said: “We want to become the go-to insurance brand for a whole generation of young customers in Europe.
“To achieve this, we rely on technological solutions that simplify the lives of our customers and have built one of the most powerful insurance platforms in the world. Now it’s time to expand our activities at home and abroad.”
Earlybird partner Christian Nagel said: “At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionise entire industries.
“The disruption of the insurance industry is in full swing and offers large growth potential. Getsafe’s app provides the simplest and most flexible access to affordable insurance products, especially for young people – a clientele that has remained hard to reach for the insurance industry.”