Insify expands Series A to 25 million euros
Marc Nemitz
| 09.06.2023
Insurtech startup Insify.io has expanded its Series A funding round to €25 million. Insify aims to make commercial insurance easier and faster for the self-employed, freelancers and entrepreneurs in Europe.
Insify has successfully raised an additional €10 million, bringing the total Series A funding to €25 million. The round is led by Munich Re Ventures, while existing investors such as Accel, Frontline Ventures and Visionaries Club Berlin are also participating. In addition, new investors such as former Formula 1 World Champion Nico Rosberg and Opera Tech Ventures are joining. The additional funds will be used for the expansion of the product range as well as the expansion into further European markets.
Insify is modernizing and optimizing the €150 billion European corporate insurance market.
Koen Thijssen, CEO & Founder Insify
The insurtech company has developed a seamless digital insurance platform specifically tailored to the needs of this target group in Europe. The platform allows tradespeople to create insurance quotes in just two minutes, as opposed to the weeks or months it used to take. In doing so, Insify aims to revolutionize the business insurance market and provide a solution that is digital and user-friendly, something that many SMEs have been lacking.
Insify has developed a data analytics that allows it to offer tailored insurance quotes and individual prices depending on the company. Insurance policies are regularly updated through automated reviews and underwriting to adapt to the evolution of customers and their businesses.
The sheer size of the European commercial insurance market is staggering, but existing product offerings are rarely tailored specifically to the needs of small businesses.
Ben Bergsma, Principal Munich Re Ventures
Insify was founded in 2020 by Koen Thijssen, former CEO of Bloomon and Rocket Internet, and currently employs 55 people. Since its successful €15 million Series A funding round in 2022, the Amsterdam-based startup has grown its customer base from 1,500 to over 10,000. The company also successfully expanded into France and Germany and launched its own disability insurance product in the Netherlands.
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