Finanzchef24, a Munich, Germany-based insurtech company, raised €4m in venture capital.
Backers included Grenke Bank AG and existing shareholders Target Partners, HW Capital and Mercura Capital.
The company intends to use the funds to investment further develop the product portfolio.
Co-founded by Hendrik Rennert and Felix Schollmeier, Finanzchef24 is a digital insurance broker for entrepreneurs and companies in Germany. Its online portal gives small and medium enterprises as well as business owners to possibility to compare for free and buy insurance cover online generating offers for 900 distinct professions and businesses comparing business liability, professional indemnity, property or commercial legal insurance. In addition, customers can access to phone-based expert advice via in-house risk consultants, who provide specialized insurance covers such as cyber, directors & officers, machine and transport insurance.
Already 44 insurers, such as Allianz, ARAG, AXA, Ergo, HDI, Hiscox, R+V and VHV are using this new distribution channel offered by Finanzchef24.