Heidelberg-based Getsafe is a mobile-first insurtech startup, offering range of digital insurance products that users can instantly buy on their phone. Customers can get coverage or file a claim, all through Getsafe’s app.
The startup has raised €15 million in a Series A funding round led by Earlybird, with participation from CommerzVentures and other existing investors.
Getsafe is targeting millennial customers by offering liability, renters, dental, and legal insurance – including add-ons for family members, bikes and drones. With its technological approach, Getsafe is meeting the core needs of digital natives: customers are on average 29 years old, and for 75% of them this is their first time taking out an insurance policy.
“We want to become the go-to insurance brand for a whole generation of young customers in Europe,” said co-founder and CEO Christian Wiens. “To achieve this, we rely on technological solutions that simplify the lives of our customers and have built one of the most powerful insurance platforms in the world. Now it’s time to expand our activities at home and abroad.”
Since launching at the end of 2017, the insurtech has grown significantly, selling 50,000 policies last year. By the end of the 2019, Getsafe intends to sell 180,000 policies, and to enter the UK market, with other markets expected to follow in 2020.
“While US startups often tend to first scale and fix infrastructure later, we Germans like to do it the other way round,” added Wiens. “Getsafe’s platform already supports several insurance lines and creates the basis for the company to operate an exceptionally efficient business model.”
Getsafe will use the funds to grow its team from 50 employees to more than 100, with a focus on customer care, software development and data science, as well as to support its international growth.
“At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionize entire industries,” said Christian Nagel, partner at Earlybird. “The disruption of the insurance industry is in full swing and offers large growth potential. Getsafe’s app provides the simplest and most flexible access to affordable insurance products, especially for young people – a clientele that has remained hard to reach for the insurance industry.”