Getsafe, a digital MGA based in Germany, raised another $63 million in funds, with plans to use the added cash to fund its own insurance license by the end of 2021 and accelerate its European expansion.
A number of new investors took part, including Abacon Capital, along with existing investors Earlybird and CommerzVentures, and Swiss Re.
The investment world classifies this as an expanded Series B round, bringing the overall total to $93 million. Getsafe’s initial $30 million Series B became public knowledge back in December 2020.
“Becoming a full-stack carrier will give us the necessary freedom to take unconventional paths and to realize innovations quicker than before,” Christian Wiens, the Getsafe CEO & Co-Founder, said in prepared remarks.
Getsafe began offering renters insurance in Germany in late 2017, expanding the product to the UK in 2020. The company launched a car insurance product at the end of last year, and claims to serve 250,000 customers in the Germany and the UK.
Getsafe’s focus is on digitizing the entire insurance process and making it accessible through its smartphone app, through which customers can buy, manage and adapt their policies in just a few seconds. Clients can also file claims on the go. Getsafe said its proprietary infrastructure is geared toward multiple product lines, languages and markets, allowing for a relatively quick market expansion.
In 2020, Getsafe applied for its insurance license with German regulators, which will allow it to become a full-stack carrier.
Eventually, Getsafe said, it wants to expand across Europe, offering coverage in areas including life insurance.