Embedded insurance for SME’s and freelancers insurtech insureQ has raised €5 million in a seed round led by Nauta Capital. The round also saw participation from existing investors Flash Ventures and Global Founders Capital.
“We are strong believers in the attractiveness of the SME segment, both in software and in financial services such as insurance. We think insureQ’s hybrid distribution approach, direct and embedded in third-party platforms, is the right model for the SME market,” comments Nauta Capital partner Guillem Sague.
The fresh round of funding is expected to accelerate the company’s growth, enhance the product offering, and ultimately expand the existing partner network and SME segment it serves.
Co-founded in 2019 by Alexander Le Prince and Laibing Yang, insureQ is specifically targeted at the traditionally underserved self-employed and SME market. According to a study by Kubi/FH Dortmund, only 45% of these workers have liability insurance.
insureQ inserts themselves as the middleman, i.e. an insurance agent and partners with leading big-name insurers including Hiscox, R + V Versicherung, and ARAG. In so much, the company is able to offer the self-employed and SME’s a wide range of products including general liability, financial loss due to cyber risks, and business disruption cover.
“With the investment, we can continue to pursue our vision to build a simple and customer-centric digital insurance solution for the self-employed and SMEs. We are working intensively on the further development of our products and services and are very pleased that we have now also been able to convince Nauta Capital of our innovative concept,” adds Le Prince.