Amsterdam-based Insify, a modern insurtech for SMEs, announced on Thursday that it has raised an additional €10M in a Series A extension round of funding.
This brings the company’s total Series A funding to €25M.
Munich Re Ventures led the round with participation from existing investors Accel, Frontline Ventures, and Visionaries Club.
Formula 1 World Champion Nico Rosberg and Opera Tech Ventures, the VC arm of BNP Paribas Group, also participated in the round.
The announcement comes over a year after raising €15M in the original Series A round of funding led by global venture firm Accel in May 2022.
Fund utilisation
Insify says it will use the capital injection to expand further across the continent with an initial focus on doubling down in Germany and France.
The company will also use the additional funding to further develop and consolidate its suite of insurance products and to grow its team of 55 employees.
Since the funding round in 2022, the Amsterdam startup has grown its customer base from 1,500 to over 10,000, expanded into France and Germany, and launched its disability insurance product in the Netherlands.
Business insurance is a huge pain point for SMEs, with legacy insurers offering complicated policies that are overpriced, outdated, and cumbersome to use.
Koen Thijssen, CEO and founder of Insify, says, “Insify is modernising and optimising the €150B European business insurance market. 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.”
“We are incredibly excited to raise fresh funding today, helping us on our mission to transform business insurance and make it faster, simpler, and fairer for entrepreneurs everywhere,” adds Thijssen.
Insify: Transforming business insurance
Founded by former Bloomon and Rocket Internet executive Koen Thijssen in 2020, Insify aims to transform business insurance by making it simpler, faster, and more affordable for entrepreneurs and SMEs.
The company has developed an intuitive end-to-end digital insurance platform designed specifically for Europe’s entrepreneurs and SMEs.
The platform allows SMEs to receive a business insurance quote in minutes rather than weeks or months.
Insify utilises enhanced data analytics drawing on dozens of signals instead of stale questionnaires. This ensures that coverage is tailored and individually priced for each business.
Policies are refreshed regularly through automated checks and underwriting, evolving as SMEs scale.
Insify employs 55 staff across the Netherlands, Germany, and France.
The investor
Munich Re Ventures (MRV) is the venture capital arm of Munich Re Group, a provider of reinsurance, primary insurance, and insurance-related risk solutions.
With more than $1B in assets under management, Munich Re Ventures invests in the most innovative startups transforming the future of risk and risk transfer.
Ben Bergsma, Principal at Munich Re Ventures, says, “The sheer size of the European commercial insurance market is staggering, yet existing product offerings are rarely tailored towards small businesses’ needs. The Insify team has created a compelling and sleek insurance product portfolio for European entrepreneurs. In addition, they have maintained a strong focus on the underlying economics of the policies. We’re very excited to partner with the company as it expands throughout continental Europe.”
