Getsafe's total funding now stands at $121.5M. Here are the top-line bullets you need to know.
Getsafe, an insurtech startup, has raised an additional $63M in Series B funding — in total, the round has brought in $93M. The extension drew participation from CommerzVentures, Abacon Capital, Swiss Reinsurance Company, and Earlybird Venture Capital.
How’s the company performing?
- Germany-based Getsafe’s AI-driven technology helps users buy and manage insurance via its website and mobile app. Its insurance products cover personal liability, dog liability, drone liability, bike theft, home contents, and automobiles.
- The startup currently caters to nearly 225,000 and 25,000 customers in Germany and the UK, respectively, with millennials comprising the majority of its customer base.
- Getsafe is currently supported by a team of more than 150 employees.
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 48.8% and reach a value of $60.98B by 2028, according to Grand View Research.
- In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised over all of 2020 by more than $300M.
- Rising demand for the digitization of insurance services and simplification of claims processes is driving market growth.