Insify Raises €10 million Series A Extension Led By Munich Re

Insify, an insurtech for SMEs, has raised an additional €10 million, bringing its total Series A funding to €25 million.

Munich Re Ventures led the extension round and was joined by existing investors including global venture fund Accel – who led Insify’s Series A – Frontline Ventures and Berlin’s Visionaries Club, as well as new investors including Formula 1 World Champion Nico Rosberg and Opera Tech Ventures, the VC arm of BNP Paribas Group. The fresh funding will be used to continue expanding Insify’s suite of products while expanding into additional European markets.

Insify, 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 company’s 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, the Amsterdam-headquartered startup 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. 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.

SOURCE: Insify

Topics Funding