FinanceFox, the next-generation insurance app, today announced it has raised $5.5 million led by Salesforce Ventures, with participation from AngelList, Idinvest, Seedcamp and Speedinvest. This funding will be used to expand its marketing and sales activities in Switzerland and Germany as well as enter new markets.
FinanceFox is entirely built on the Salesforce platform and helps connect insurance companies to their customers. The young company combines the personal advice of a traditional insurance business with modern app technology, thereby bringing together the evolved needs and expectations of customers, insurance brokers and insurance companies. FinanceFox aims to offer complete transparency of rates. Its coverage for customers makes modifying and managing contracts a straightforward process thanks to direct and simplified comparisons. Consumers benefit from more attractive options and personalized advice through digitized, streamlined processes.
The young company aims to move the insurance brokerage process online. FinanceFox was founded in 2014 and launched on the German market on November 1st, 2015. The startup already employs over 70 people.
“The insurance market we have known for decades is on the brink of a fundamental change”, says Julian Teicke, founder and CEO, FinanceFox. He continues: “Clients generally feel lost and dissatisfied with complex insurance conditions, huge price differences for comparable services and complex claim procedures.”