Insify raises €15 million

Amsterdam-based Insify, which offers coverage to entrepreneurs and SMEs, has raised €15 million in Series A financing. Accel led the investment round with participation from Visionaries Club, Frontline Ventures, Fly Ventures and several angel investors from European fintech companies.

Founded in 2020, Insify claims to offer SMEs quotes in as little as two minutes rather than “weeks or months with incumbents.” The startup targets small businesses in the e-commerce, leisure, construction, and IT sectors among others, and its products are backed by Munich Re.

Insify distributes its products online, through brokers, and embedded channels. Since launching in late 2020, it has attracted over 1,500 clients.

The investment will primarily be used to scale operations and headcount, and expand into new markets in Europe as well as enhancing its underwriting and data analytics capabilities.

“As an entrepreneur myself, I know firsthand that running a small business can be difficult at the best of times. The last thing business owners need is to be overextending themselves with convoluted insurance policies and dealing with excessive premiums. Insurance should be something that supports entrepreneurs, not overwhelms them. We designed our digital insurance platform with the entrepreneur and SMEs at its core. With our easy-to-use platform, we can deliver a tailored and accurately priced insurance policy to an entrepreneur’s inbox in as little as two minutes, giving them the peace of mind that they need to focus on their core business.” – Koen Thijssen, CEO and founder of Insify.

“Legacy insurers have neglected European entrepreneurs and SMEs for years, providing them with a sub-par experience and overpriced premiums. Insify is challenging the status quo with a delightful and seamless end-to-end digital customer journey, underpinned by its world-class data analytics and continuous underwriting technology. It takes an entrepreneur to understand what entrepreneurs want and face everyday which is why I am confident that Koen and his excellent team will accomplish what they have set out to do; fundamentally transform how business insurance is accessed and offered across Europe.”  Luca Bocchio, partner at Accel.