Insify, an Amsterdam, The Netherlands-based insurtech for SMEs, raised €10M in Series A funding.
The round, which brought the total amount to €25M, was led by Munich Re Ventures and was joined by existing investors including global venture fund Accel, Frontline Ventures and Berlin’s Visionaries Club, as well as new investors including Formula 1 World Champion Nico Rosberg and Opera Tech Ventures, the VC arm of BNP Paribas Group.
The company intends to use the funds to continue improving and expanding its current range of business insurance products and disability insurances, and grow into additional European markets.
Founded in 2020 and led by Koen Thijssen, CEO, Insify is an insurtech company for SMEs that works closely together with partners and reinsurers, to completely digitise and thereby optimise the processes behind business insurance products for SMEs and freelancers. The platform uses enhanced data analytics drawing on dozens of signals, as opposed to stale questionnaires, to ensure that coverage is tailored and individually priced for each business. Policies are refreshed regularly through automated checks and underwriting, evolving as SMEs themselves scale.
Since raising a €15m Series A funding round in 2022, the startup has grown its customer base from 1,500 to over 10,000, expanded into France and Germany, and launched its own disability insurance product in the Netherlands. Insify today employs 55 staff.
FinSMEs
08/06/2023