Employee insurance is a standard for companies’ benefit packages across the world. The group insurances for health, accident and life has reached a market size of over $5 trillion in 2021. And though it’s a massive market, it’s one ripe for innovation and disruption.
Swiss insurtech startup grape has brought in €1.7 million in funding to expand its digital insurance product and mental health benefits. The pre-seed round was led by Swiss venture capital firm Wingman Ventures, with participation from the fintech funds Tomahawk.VC and DD Venture Capital.
The new funding will be used to continue expanding the product and grow the team further, to bring its vision to more enterprises and more markets.
Founded in November 2021 by Gregory Inauen and Fabian Mächler, grape’s software product allows their customers to enable a variety of automation that reduce administrative work, such as for claiming, reporting, and payroll adjustments. Until now, the startup has built over 20 integrations into different HR tools which can be synced within seconds with their platform.
grape is also directly reinvesting into prevention services supporting the health of their customer's employees through their benefits and online therapy sessions addressing the importance of mental health at the workplace. All the employees that are covered with grape can access a wide range of benefits, coaching and therapy sessions to improve their physical and mental health.
Gregory Inauen, co-founder of grape said: “grape is the first employee insurer built around a full-stack technology platform and a relentless focus on being more than just an insurance.”
Lukas Weder, founding partner of Wingman Ventures added: “The Insurtech world finds itself still in its early days. However, the insurance sector is one of the largest industries globally that now shows clear signs that new massive businesses can emerge. Grape’s approach to fully digitising and automating the underwriting and claims handling process by integrating their technology into their customer's processes is precisely what insurance customers expect from the next generation of insurance products.”