Digital secure Getsafe secures $93m funding

Getsafe, the digital insurer targeting millennial buyers in Germany and the UK, has expanded its Series B funding round to $93m. The company is now serving a quarter of a million customers in Germany and the UK, consolidating its position as one of Europe’s largest neo-insurers.

Among the new investors are some of the largest Family Offices from Germany and Switzerland, for example Abacon Capital. Existing investors Earlybird, CommerzVentures and Swiss Re also participated. Getsafe plans to use the money to fund its own insurance licence by the end of 2021 and to accelerate its European expansion.

The company began offering renters insurance in Germany in late 2017, and has expanded its product portfolio to a car insurance product at the end of last year. It also launched its renters insurance product in the UK in 2020. Currently, one quarter of Getsafe’s total growth is already generated through the British market.

“The insurance brands we know today have been founded in a totally different era,” says Christian Wiens, CEO & Co-Founder of Getsafe. “But insurance, more than many other products, can be much better when powered by technology and machine learning. This is why we believe that insurance companies built from scratch, on their own digital platform, are set to become the dominant insurance players for the generations to come.”