German startup simplesurance, which provides insurance at online point-of-sale, has raised $11.5 million in funding from the multinational insurance company TMHD and the Franco-German financial group ODDO BHF. With $60 million raised in total, the company claims to be the “best-funded insurtech from Europe.”
simplesurance's product is insurance for electronics that people purchase online. It integrates into e-commerce systems and makes cross-selling easier and more convenient. In addition to that, the company sells insurance from its own website.
With the new round of funding and support from TMHD, the largest insurance group in Japan, simplesurance is planning to enter the country's market in the near future. The startup will open an office and build a local team in Japan, which will also be the start of a larger-scale Asian expansion.
Founded in 2012, simplesurance currently employs more than 150 people in its Berlin headquarters.