Insify raises another $10.7 million for its business insurance startup
Summary
Overall, the startup has raised 25 million as part of its Series A round ($26.7 million).Munich Re Ventures, the venture capital division of the large reinsurance company, is leading the extension round. Existing investors Accel, Frontline Ventures and Berlins Visionaries Club are investing in the extension. There are some new investors as well, namely Formula 1 World Champion Nico Rosberg and Opera Tech Ventures.As a reminder, Insify addresses the long tail of the business insurance market. And yet, many businesses could benefit from a professional or corporate liability insurance, or should get some form of coverage in the rare case that they are no longer able to work.As an entrepreneur myself, I have experienced first-hand how SMEs are underserved when it comes to business insurance, with many legacy providers failing to offer a digital-friendly, streamlined and competitive offering meaning that many businesses simply go without cover, founder and CEO Koen Thijssen said in a statement. Our rapid growth since our previous funding round in 2022 shows the desire and need for better insurance solutions from freelancers and SMEs across the continent.With Insify, small companies can get a quote directly from the companys website.