German insurtech startup Friday attracts €114m investment
Berlin-based digital car insurance startup Friday has secured €114 million investment in its latest round of financing.
Overall, €39 million comes from a media-for-equity deal with SevenVentures and the media investor German Media Pool, while its founder and majority shareholder Baloise Group is investing an additional €75 million in the company.
Friday hopes the investment round will stimulate future growth and support further product development. “By opening up Friday to new investors, we’re taking the next step with partners that FRIDAY knows well and to assist in scaling. We’re pleased to have enlisted these trusted partners as investors,” said Friday CEO Christoph Samwer.
Baloise Group CEO Gert De Winter added: "The Media-for-Equity Investment from new investors shows that, at FRIDAY, we are connecting with the spirit of the times. Our customers want simpler insurance products, and together with our new investors, we will make sure that a wide range of customers will be enthusiastic about our simple insurance solutions.”
Florian Pauthner, CEO SevenVentures, said: “An investment in the digital insurance product area offers considerable potential. Friday has achieved significant success in a multi-billion euro market in the shortest time. With its customer-oriented product development, the team modernizes processes and optimizes the customer experience. We are convinced that with our media investment and extensive experience we will build the brand rapidly, gain market confidence and further drive Friday’s growth. The initial TV campaigns have shown good results.”
Aljoscha Kaplan, managing director German Media Pool, said: “The time is right to get in. Digitalization is currently changing consumer behavior in insurance, and offers unique opportunities for new insurance products. The Friday team has shown that it can create innovative products and successfully place them on the market.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news Next global downturn ‘not as bad as 2008’, find financial analysts
Tokio Marine HCC makes senior hires to expand Nordic surety operations
Axa ‘makes concrete progress’ on gender balance in management
US commercial insurance prices rise in fourth quarter 2018: Willis Towers Watson
ArgoGlobal recruits new chief underwriting officer from RSA
Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Intelligent Insurer
Newton Media Ltd
Kingfisher House
21-23 Elmfield Road
BR1 1LT
United Kingdom