Getsafe raises $30 million

German digital neo-insurance provider Getsafe closed a $30 million Series B funding led by Swiss Re’s digital platform iptiQ. Existing investors, including Earlybird, CommerzVentures, btov Partners and Capnamic Ventures, also participated.

Founded in 2015 and a team of ~114, Getsafe bundles all information related to personal insurance coverage via a single app that can be used to report claims and update personal and payment info. To date, Getsafe has raised a total of $53 million from investors. The company plans to extend its funding with a second tranche to be closed ahead of the receipt of the company’s own insurance license, scheduled for the first half of 2021.

“We are thrilled to have iptiQ as our new lead investor and partner. Together with them and our existing investors, we want to build on our position as the leading insurer for a new generation of customers. The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany and to expand into other European markets.” – Christian Wiens, founder and CEO of Getsafe.

The new partnership between Getsafe and iptiQ already came to fruition last month: Together, they launched the first digital car insurance optimized for smartphones in Germany. With just a few clicks, users can purchase insurance with the Getsafe app, file a claim, and manage their policy in real time.

“Getsafe has established itself as a very promising insurtech brand, and we are pleased to lead this funding round. As their partner, we will support future growth by combining iptiQ’s digital platform and insurance expertise with their mobile-first distribution model. Together, we will develop digital insurance products that are appealing, relevant and affordable for their growing customer base.” – Andreas Schertzinger, CEO at iptiQ EMEA P&C.

In the future, Getsafe wants to deliver products and services to customers even faster. Therefore, the company applied for a property and casualty insurance license from the Federal Financial Supervisory Authority earlier this year. “We want to inspire and positively surprise people with a digital customer experience. What we have seen so far in terms of innovation in the insurance market is just the tip of the iceberg.” – Christian Wiens.