The startup Insify, which is based in Amsterdam and specializes in providing business insurance services, has attracted investment funds in the amount of $10.7 million following the results of the last stage of the Series A financing round.
In total, according to the results of this round of financing, the company received $26.7 million.
Munich Re Ventures, the venture capital arm of a large reinsurance company, has spearheaded the process of providing investments. Insify is already cooperating with Munich Re. Insurance products are being developed as part of the implementation of this partnership. Existing investors, including Accel, Frontline Ventures, and the Berlin Visionaries Club, also participated in the funding round. They were joined by new investors, who became Formula 1 world champion Nico Rosberg and Opera Tech Ventures.
Insify is engaged in the creation and implementation of a variety of solutions for the business insurance market. Currently, large companies have the opportunity to choose the most suitable option from a wide range of offers related to insurance. At the same time, small firms and freelancers are limited in this regard.
Small and medium-sized companies in most cases either do not have any insurance or were insufficiently insured. Many businesses could benefit from professional/corporate liability insurance or should receive a form of insurance coverage if they are unable to continue operating.
The founder and CEO of the startup, Cohen Thijssen, says that his personal entrepreneurial experience confirms the lack of enough servicing small and medium-sized enterprises in terms of business insurance. According to him, many providers of relevant services working within the framework of the standard concept are not able to offer a solution that has a high level of competitiveness, is optimized, and is convenient for digital technologies.
Cohen Thijssen said that the rapid growth of his startup compared to the previous round of financing, which was held last year, indicates the desire of freelancers, and small and medium-sized enterprises for more advanced insurance offers.
Insify provides small firms with the opportunity to get a price offer directly from the company’s website. The startup uses advanced analytics to get additional information about a potential client. Insify strives to reduce the cost of acquiring customers in order to make this segment of the insurance market more profitable.
Currently, the base of consumers of startup services is 10,000 people. In February 2022, the number of the company’s customers was equal to 1,500 people. The startup offers insurance products in the Netherlands, Germany, and France.
As we have reported earlier, Sastrify Raises $32 Million to Tackle SaaS Sprawl.
