Getsafe has closed a $17 million investment round to support its ambition of building Europe’s first mobile, AI-powered insurance company. The Series A round was led by Earlybird, with participation from CommerzVentures and other existing investors.
The German insurtech startup has developed a range of digital insurance products that users can instantly buy on their phone. The company is mainly targeting millennial customers by offering liability, renters and legal insurance – including modular add-ons for family members, bikes and drones.
“We want to become the go-to insurance brand for a whole generation of young customers in Europe,” says co-founder and CEO Christian Wiens. “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 is time to expand our activities at home and abroad.”
The investment will be used to help Getsafe prepare its European expansion and further grow its team. The company plans to enter the UK market by the end of 2019, with other markets set to follow by 2020.
Meanwhile, the team is expected to grow to more than 100 with a focus on customer care, software development and data science. Further funds are to be raised over the next 12 months.
Christian Nagel, partner at Earlybird, added:
“At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionize 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.”
Since the launch of its insurance offering at the end of 2017, Getsafe has grown significantly and claims to have sold 50,000 policies last year. It is now looking to increase that number to 180,000 in 2019.