German insurtech startup Getsafe provides $63 million to its Sequence B – TechCrunch

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Getsafe has prolonged its Sequence B spherical that it beforehand introduced in December 2020. Along with its authentic Sequence B spherical of $30 million, the corporate is including one other $63 million in recent capital. Total, Getsafe has raised a $93 million Sequence B spherical.

Traders in right this moment’s funding spherical embrace unnamed household places of work in addition to Earlybird and Abacon Capital. A number of the firm’s current buyers, comparable to CommerzVentures and Swiss Re, are additionally investing within the firm as soon as once more.

The German firm initially began with a digital-first house contents insurance coverage product. It sells its merchandise immediately to finish clients via its web site and app. Over time, Getsafe expanded to new merchandise, comparable to private legal responsibility, canine legal responsibility, drone legal responsibility, bike theft safety and automotive insurance coverage.

The service is now energetic in two markets — Germany in addition to the U.Ok. Whereas Getsafe nonetheless has extra clients in its house market, the corporate’s metrics are going up. Getsafe at present has round 225,000 clients in Germany and 25,000 clients within the U.Ok. In December 2020, TechCrunch’s Steve O’Hear reported that Getsafe solely had 150,000 clients general.

What’s fascinating is that Getsafe really believes one of the simplest ways to promote insurance coverage merchandise is thru a direct relationship with its finish clients. The cellular app acts as a key a part of the corporate’s product providing as you should buy new insurance coverage merchandise, handle your current contracts and file claims immediately via the app.

This can be a utterly completely different technique whenever you examine it to Wefox, one other massive German insurtech firm that raised $650 million earlier this 12 months. Wefox companions with 700 brokers and 5,000 affiliate brokers — they distribute Wefox merchandise to their very own clients.

With Getsafe’s direct-to-consumer method, the startup manages to promote its merchandise to loads first-time insurance coverage consumers. And Getsafe has a variety of engagement with its app. 30% of the corporate’s clients open the app not less than as soon as per thirty days, which results in a variety of upselling alternatives.

With the extra funding, Getsafe plans to lastly get its personal insurance coverage license. It has been engaged on this course of for some time because it doesn’t wish to act as a dealer going ahead. Getsafe’s absolutely licensed insurer ought to go reside quickly, in some unspecified time in the future in 2021.

The corporate can be going to spend money on its product, increase to new classes and new markets. Up subsequent, Getsafe is considering increasing to France, Spain, Italy and Austria.

Picture Credit: Getsafe

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