German insurtech company Thinksurance has secured an additional investment of €22m during its latest funding round.

According to a report by EU-Startups, the investment round was led by Viewpoint Ventures, M-Tech Capital and venture capital fund Segenia Capital.

The company’s existing investors such as Eight Roads Ventures and Columbia Lake Partners also took part in the funding round.

EU-Startups quoted Viewpoint Ventures founding partner Drew Aldrich as saying: “As a venture capital fund that is backed by dozens of insurance entities and is focused on insurance, we understand the critical role insurance brokers and agents play.

“Insurance entities around the world are searching for solutions to help distributors maximize time spent delivering valuable services to their clients. Thinksurance is one of few that help accomplish that in a unique and innovative way.”

The company will use the latest investment to strengthen its position in the market.

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The funds will also be used by Thinksurance to expand its existing platform and products to include additional aspects of consultation and distribution in terms of commercial insurance, agents, direct sales or empowering brokers.

Thinksurance CEO and co-founder Florian Brokamp said: “We are delighted to have established Thinksurance as the partner of choice supporting distributors and insurers far and wide in digitalising their distribution processes. With this funding, we plan to continue to broaden the scope of our offering and value add to our partners.

“Our vision comes down to enabling brokers and insurers to really be able to focus on what they do best as opposed to getting bogged down with time-consuming busy work – ultimately to the benefit of the entire industry and its clients.”

Since its launch in 2015, Thinksurance has developed a comprehensive track record in close coordination with its industry partners, including Allianz, AXA and Zurich.

The company specialises in providing digital insurance consultations for commercial and industrial clients.