Helvengo, the Swiss-based insurtech startup has raised over €4 million in its seed round. The round is led by TX Ventures along with Hypoport, PostFinance, Seed X Liechtenstein, Anamcara Capital, Plug and Play, Conny&Co, and various business angels.
Active in the Swiss market since last year, Helvengo has tailored its insurance products specifically for entrepreneurs, startups and SMEs – addressing the challenges that specifically face these groups.
Those who want to insure their risks often have to deal with non-transparent and complex insurance offers that are very time-consuming due to analogue processes. This is where the start-up Helvengo comes in with its digital alternative. After running a risk analysis, Helvengo automatically compiles offers for professional liability, cyber and D&O insurance.
Vedran Pranjic, Co-Founder of Helvengo, said: “We offer SMEs the opportunity to analyze and cover their risks in just a few minutes. With this, we are making the commercial insurance market more digital, transparent, and cost-effective.”
The combination of risk analysis coupled with Helvengo’s flexible products makes tailor-made insurance coverage a reality for companies – revolutionizing the insurtech world for SMEs and startups.
The insurance market for SME P&C is estimated to be worth over €75 billion, and Helvengo’s product is addressing the very real challenges that companies are facing – putting special emphasis on new risks of the 21st century that SMEs have to contend with.
According to Vedran Pranjic, “90% of the market is served through insurance brokers, but securing business insurance takes a big chunk of a broker’s day. Hours are spent gathering quotes, helping the client make sense of them, processing forms and a lot of back and forth with insurance carriers to finalize contracts.” Alternatively, with Helvengo, clients receive “the digital toolbox of 2022 for the ideal coverage”.
The new investment will help spearhead the company’s expansion into the German and European markets. In addition, the young startup wants to grow via partner platforms, or ecosystems, as they like to call them.
Helvengo will be digitally integrated wherever the insurance need arises. Be it when applying for a corporate loan, opening a bank account, or purchasing new equipment. By integrating to those platforms optimized coverages can be closed without the customer having to answer additional questions.