Amsterdam-based insurtech firm Insify is putting the assurance of a swift painless service into insurance for SMEs.
It would appear that business insurance is a huge pain point for SMEs - its cumbersome, overpriced and a down right complicated procedure - not what you need breaking your stride when running your business. Enter Insify, with what it claims is an end-to-end digital insurance platform 'revolutionising the business insurance sector'.
The company raised €15 million Series A funding round in 2022 and is back today spreading the good word about some additional funding its calling a €10 million Series A extension.
The Series A extension round was led by Munich Re Ventures and includes existing investors Accel, Frontline Ventures and Berlin’s Visionaries Club and new investors Nico Rosberg and Opera Tech Ventures. The fresh funding will be used to continue expanding Insify’s suite of products while expanding into additional European markets with Germany and France its initial focus. Team expansion is also on the cards.
“Insify is modernising and optimising the €150 billion European business insurance market. As an entrepreneur myself, I have experienced first-hand how SMEs are underserved when it comes to business insurance, with many legacy providers failing to offer a digital-friendly, streamlined and competitive offering - meaning that many businesses simply go without cover. Our rapid growth since our previous funding round in 2022 shows the desire and need for better insurance solutions from freelancers and SMEs across the continent. We are incredibly excited to raise fresh funding today, helping us on our mission to transform the world of business insurance and make it faster, simple and fairer for entrepreneurs everywhere,” says Koen Thijssen, CEO and founder of Insify.
“The sheer size of the European commercial insurance market is staggering, yet existing product offerings are rarely tailored towards the needs of small businesses specifically. The Insify team has created a compelling and sleek insurance product portfolio for European entrepreneurs, while also maintaining their strong focus on the underlying economics of the policies. We’re very excited to be partnering with the company as it expands throughout continental Europe,” says Ben Bergsma, Principal at Munich Re Ventures.