Insify raises €10 million Series A extension to accelerate its growth in Europe
Summary
Despite the huge size of the European market over 150bn current players are still lagging behind when it comes to providing a digital, seamless experience that companies have come to expect, and many SMEs are stuck with no coverage at all.Insify is revolutionising the business insurance sector by offering an end-to-end digital insurance platform designed specifically for Europes entrepreneurs and SMEs. The company, founded in 2020 by former Bloomon and Rocket Internet executive Koen Thijssen, allows SMEs to receive a business insurance quote in as little as two minutes, rather than weeks or months.The companys innovative platform utilises enhanced data analytics drawing on dozens of signals, as opposed to stale questionnaires, to ensure that coverage is tailored and individually priced for each business. Policies are refreshed regularly through automated checks and underwriting, evolving as SMEs themselves scale.Since raising a 15 million Series A funding round in 2022, Insify has grown its customer base from 1,500 to over 10,000, expanded into France and Germany, and launched its own disability insurance product in the Netherlands.Insify will use the capital injection primarily to expand further across the continent, with an initial focus on doubling down in Germany and France. We are incredibly excited to raise fresh funding today, helping us on our mission to transform the world of business insurance and make it faster, simple and fairer for entrepreneurs everywhere.Ben Bergsma, Principal at Munich Re Ventures, said: The sheer size of the European commercial insurance market is staggering, yet existing product offerings are rarely tailored towards the needs of small businesses specifically. The Insify team has created a compelling and sleek insurance product portfolio for European entrepreneurs, while also maintaining their strong focus on the underlying economics of the policies.