Helvetia-backed insurtech start-up INZMO secures €3.1m seed investment
INZMO, a Berlin-based insurtech looking to transform the complex insurance process, has secured €3.1 million in its seed round led by Change Ventures with participation from Swiss insurance group Helvetia, bringing the total amount raised by the company to €5.2 million.
The start-up's "mission is to eliminate the pain of the insurance process" by offering a full-stack automated solution where everything from buying a policy to making a claim can be done instantly.
With its end-to-end solution, INZMO intends to make the process simpler, quicker and more transparent.
“Our app eliminates the headache of managing the often complex insurance process by giving clients full and instant control. They can change policies, submit a claim, and receive up-to-date information. Meanwhile, our insurance partners can enjoy the benefit of INZMO’s comprehensive insurance back-office solution without having to invest in expensive development. Our technology also enables us to insure used property, giving us a larger reach in terms of customer base,” explained Meeri Rebane, co-founder of INZMO.
INZMO will use the funding to expand its workforce, accelerate product development and to focus on new business.
Additionally, it plans to add new products focused squarely on the household insurance sector including a rental deposit insurance offering aimed at the lucrative German rental market comprising 40 million private rental premises.
Risto Klausen, co-founder of INZMO, said: “INZMO’s rental deposit insurance is a fraction of the full deposit and for those with restricted cash flow offers an attractive alternative and fairer financing option.”
Rait Ojasaar, investment partner at Change Ventures, commented: “INZMO has already established a strong reputation in the insurtech space. It has built up a considerable client base for its bike and electronics insurance products and secured a number of impressive partnerships. With its full-stack tech and service platform already in place, we’re confident INZMO has what it takes to scale across new markets and industries, and become a leader in the rising insurtech sector.”
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