Getsafe has prolonged its Sequence B spherical that it beforehand introduced in December 2020. Along with its authentic Sequence B spherical of $30 million, the corporate is including one other $63 million in contemporary capital. General, Getsafe has raised a $93 million Sequence B spherical.
Buyers in at the moment’s funding spherical embody unnamed household places of work in addition to Earlybird and Abacon Capital. A few of the firm’s current buyers, akin to CommerzVentures and Swiss Re, are additionally investing within the firm as soon as once more.
The German firm initially began with a digital-first dwelling contents insurance coverage product. It sells its merchandise instantly to finish clients via its web site and app. Over time, Getsafe expanded to new merchandise, akin to private legal responsibility, canine legal responsibility, drone legal responsibility, bike theft safety and automotive insurance coverage.
The service is now energetic in two markets — Germany in addition to the U.Ok. Whereas Getsafe nonetheless has extra clients in its dwelling market, the corporate’s metrics are going up. Getsafe at the moment has round 225,000 clients in Germany and 25,000 clients within the U.Ok. In December 2020, TechCrunch’s Steve O’Hear reported that Getsafe solely had 150,000 clients total.
What’s fascinating is that Getsafe really believes one of the simplest ways to promote insurance coverage merchandise is thru a direct relationship with its finish clients. The cell app acts as a key a part of the corporate’s product providing as you should buy new insurance coverage merchandise, handle your current contracts and file claims instantly via the app.
It is a utterly completely different technique while you examine it to Wefox, one other huge German insurtech firm that raised $650 million earlier this 12 months. Wefox companions with 700 brokers and 5,000 affiliate brokers — they distribute Wefox merchandise to their very own clients.
With Getsafe’s direct-to-consumer strategy, the startup manages to promote its merchandise to so much first-time insurance coverage patrons. And Getsafe has a variety of engagement with its app. 30% of the corporate’s clients open the app no less than as soon as per thirty days, which results in a variety of upselling alternatives.
With the extra funding, Getsafe plans to lastly get its personal insurance coverage license. It has been engaged on this course of for some time because it doesn’t wish to act as a dealer going ahead. Getsafe’s totally licensed insurer ought to go dwell quickly, sooner or later in 2021.
The corporate can be going to spend money on its product, increase to new classes and new markets. Up subsequent, Getsafe is considering increasing to France, Spain, Italy and Austria.