Inzmo, a Berlin, Germany-based insurtech company, closed a €3.1m seed round of funding.
The round, which brings the total amount raised to date to €5.2m, was led by Change Ventures with participation from existing backer Helvetia.
The company intends to use the funds to double its headcount, accelerate product development (focused on household insurance sector including a rental deposit insurance offering aimed at the German rental market) and to focus on new business.
Founded in 2015 by Risto Klausen and Meeri Rebane, Inzmo aims to simplify the insurance process with its full-stack platform combining all steps from purchasing a policy to filing a claim in a digital-first manner. The startup focuses on B2B2C solutions across multiple verticals from consumer electronics and bike insurance to rental deposit insurance.
The startup is also announcing the launch of Germany’s first fully digital rental deposit guarantee service. This will allow customers to pay a small monthly fee instead of an upfront deposit, which in Germany can be the equivalent of three months’ rent.