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12 March 2019 Insurance

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.”

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