Swedish insurtech startup Insurello raises €15 million for its European expansion

Insurello-team

Today, Insurello, which helps consumers get fair compensation, announces it was able to claim €20 million in insurance compensation for its clients and the young company also just raised €15 million in fresh funding. The investment round was led by Nordstjernan Growth, with participation from existing investors Schibsted and Inventure. The new funding will finance the initiated expansion of new verticals and markets.

Founded in 2016 and headquartered in Stockholm, Insurello helps consumers find insurance previously unknown to them and get the compensation they are rightly entitled to. The new funding will fuel continued international expansion and further development of the company’s scalable platform. Insurello aims to enter more geographies and establish more verticals to become a one-stop shop for compensation.

Marcus Janback, CEO and founder, Insurello: “I’m super happy to welcome our new investor aboard. Together with our existing investors and the awesome team at Insurello, we’re excited to continue to expand to new countries and verticals, to be able to realize our vision to provide justice for all.”

Peter Hofvenstam, CEO, Nordstjernan: “Insurello is the second investment in Nordstjernan’s new growth initiative, Nordstjernan Growth. We are impressed by the team behind Insurello and the scalability of the business and see great potential in introducing the service in more geographies and new verticals. We believe Nordstjernan Growth is a very strong partner to the company in its current development and for the long term.”

In Sweden alone, about 600,000 people suffer personal injuries every year, but many do not receive the compensation they are entitled to. This is mainly due to the fact that the claims can be difficult to make and time-consuming to see through to completion. Moreover, most people are covered by insurance they do not know about.

Insurello has been named one of the world’s one hundred leading insurtech companies and has, despite the ongoing pandemic, handled more than 200,000 cases and received more than €20 million in compensation for its customers.

During the fourth quarter of 2020 Insurello launched in Denmark, and during the second quarter of 2021 the company launched in France. Insurello plans to expand to additional geographies in the near future. In addition to the geographical expansion, the company is also increasing the number of verticals for consumers, to be able to offer the right compensation to everyone in the future.