Getsafe Raises $63M in Series B

Getsafe, a Heidelberg, Germany-based digital insurer, raised another $63m in funding, extending its Series B to $93m.

Backers included unnamed family offices from Germany and Switzerland, as well as Earlybird, CommerzVentures, and Swiss Re.

The company plans to use the capital to fund its own insurance licence by the end of 2021 and to accelerate its European expansion

Led by Christian Wiens, CEO & Co-Founder, Getsafe is digitisingĀ the entire insurance processĀ and making it accessible through its smartphone app. Via the app, customers can buy, manage, and adapt their policies as well as file a claim on the go ā€“ all in just a few seconds.

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. It currently serves a quarter of a million customers in Germany and the UK.

To control the full value chain, Getsafe has applied for a licence with the Federal Financial Supervisory Authority (BaFin, for short) last year. With its own licence, the company plans to expand its product offering and innovations faster.

In the long term, Getsafe wants to offer holistic insurance coverage for people across Europe, including life insurance.