Swiss Re leads $30m Series B funding in insurtech start-up Getsafe

Germany-based digital insurance company Getsafe has secured $30 million in its Series B funding led by reinsurance giant Swiss Re, taking the total raised by the start-up to $53 million since it launched.

The fresh capital will be used to expand into additional European markets.

Getsafe also plans to further extend its funding with a second tranche to be closed ahead of the receipt of its own insurance licence, scheduled for the first half of 2021. The company applied for a property and casualty insurance licence from the Federal Financial Supervisory Authority (BaFin) earlier this year.

Swiss Re’s digital platform iptiQ led the latest round, with participation from existing investors Earlybird, CommerzVentures, btov Partners and Capnamic Ventures.

The investment follows Getsafe and iptiQ's jointly launched smartphone-based car insurance product in Germany. Getsafe also forayed into the British market earlier this year.

Christian Wiens, founder and CEO of Getsafe, said: “We are thrilled to have iptiQ as our new lead investor and partner. Together with them and our existing investors, we want to build on our position as the leading insurer for a new generation of customers.

"The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany and to expand into other European markets.”

Wiens added: “In the middle of one of the biggest economic crises in history, we have undergone rapid development and established ourselves as an insurance company for consumers with a preference for digital channels. However, we are still at the beginning of our journey and have plenty to do to make insurance more digital throughout Europe.”

Andreas Schertzinger, CEO at iptiQ EMEA P&C, commented: “Getsafe has established itself as a very promising insurtech brand, and we are pleased to lead this funding round,” says . “As their partner, we will support future growth by combining iptiQ's digital platform and insurance expertise with their mobile-first distribution model. Together, we will develop digital insurance products that are appealing, relevant and affordable for their growing customer base.”