German insurance start-up Friday has raked in $128.79m (€114m) capital in its latest round of financing from venture capital and trade sources.
SevenVentures, the financial investor of ProSiebenSat.1 Media, as well as German Media Pool are investing $44.06m (€39m).
The remaining $84.73m (€75m) capital is being provided by Friday founder and majority shareholder The Baloise Group.
Friday –a specialist digital car insurer – has acquired more than 45,000 new customers for its car coverage since its inception in 2017.
The proceeds, according to Friday, will be spent on accelerating future growth and supporting further product development, as the company aims to be the most popular digital insurer in Germany by 2021.
Baloise Group CEO Gert De Winter said: “The Media-for-Equity Investment from new investors shows that, at FRIDAY, we are connecting with the spirit of the times.
“Our customers want simpler insurance products, and together with our new investors, we will make sure that a wide range of customers will be enthusiastic about our simple insurance solutions.”
Friday CEO Christoph Samwer said: “By opening up FRIDAY to new investors, we’re taking the next step with partners that FRIDAY knows well and to assist in scaling. We’re pleased to have enlisted these trusted partners as investors.”
SevenVentures CEO Florian Pauthner said: “An investment in the digital insurance product area offers considerable potential. Friday has achieved significant success in a multi-billion euro market in the shortest time.
“With its customer-oriented product development, the team modernises processes and optimises the customer experience.”