German insurtech startup SureIn has secured €4m ($4.36m) in a seed funding round to deliver end-to-end insurance offerings for small and medium-sized businesses (SMB).
Pact VC led the financing round, with participation from German VC fund xDeck and various fintech and insurtech firms, Financial IT reported.
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Prior investors of the startup include Arc, a pre-seed and seed stage catalyst of Sequoia Capital and Atlantic Labs.
SureIn plans to use the funds to advance the platform further and boost product automation throughout its lifecycle.
The company also plans to broaden its insurance offerings range to include healthcare and pension plans for both present and new verticals.
The funding proceeds will also be used to grow its team in technical regions for platform development and boost operational efficiency.
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By GlobalDataSureIn CEO and co-founder Daniel Dierkes was quoted by the news publication as saying: “Our experience in the market shows no SMB entrepreneur really knows their risks and which insurance they need.
“When they come to us, we can see their former contracts all had gaps in their protection.
“With this in mind, our overarching mission is to dispel the opaque nature plaguing the industry, empowering founders with insights into their risks and the insurance products best suited to shield against them – all the while securing top-tier products at competitive prices.”
Founded in 2022, SureIn focuses on addressing the insurance gap for SMB.
With an end-to-end insurance framework, its platform aids SMB to eliminate the need for setting up their own systems, seek third-party tool subscriptions, or work with traditional brokers to secure or renew coverage.
The automated risk monitoring system of the German company keeps policies updated, guaranteeing ideal risk protection throughout.
