Munich Re Ventures led the investment round, assisted by Opera Tech Ventures and Nico Rosberg, among others.
Insify is on a mission to change the insurance industry by making the process simpler, faster and more affordable for entrepreneurs and SMEs in Europe.
Insify offers a wide range of insurance such as disability, liability, and business and professional insurance. What is unique about Insify is that it allows you to apply for insurance in 15 minutes. This normally takes weeks or sometimes even months.
Insify uses advanced data analytics to provide customized coverage that is individually priced. The funding received by Insify will be used to further strengthen and develop their existing portfolio of business and disability insurance. They also aim to increase and expand their brand name in Europe.
Amsterdam, June 8, 2023 - Insify, the Amsterdam-based insurtech for self-employed individuals and SMEs, has received additional funding of ten million. This ten million comes from a collection of investors. This brings the total capital of the Series A investment round to an impressive 25 million euros. The additional investment round was led by Munich Re Ventures (MRV). MRV was assisted in this by Opera Tech Ventures and former Formula One world champion Nico Rosberg, among others. With this new capital, Insify aims to further optimize and expand its existing range of business insurance products.
The investments have enabled Insify to achieve significant growth. In the process, the customer base has grown from 1,500 customers to more than 10,000 customers. Insify also introduced its own disability insurance (AOV) in the Netherlands. "As an entrepreneur, I have experienced firsthand that current business insurance policies often do not fulfill their purpose of helping small businesses," said Koen Thijssen, founder and CEO of Insify. "Our rapid growth since our last funding round in early 2022 demonstrates the urgency for freelancers and small businesses across Europe to access a better insurance solution. We are incredibly pleased with the new funding. This helps tremendously in our mission to change the world of business insurance and make it faster, simpler and fairer for entrepreneurs."
Expansion in Europe
In addition to expanding its customer base and developing its AOV in the Netherlands, Insify also aims to achieve high visibility in Germany and France with the extension of its Series A investment.
In addition to the new investors, existing investors also participated in the additional investment round. Accel, which led the Series A, Frontline Ventures and Berlin-based Visionaries Club - a network of tech entrepreneurs (including Mollie founder Adriaan Mol) were involved.
The new financial injection will enable Insify to further strengthen their business insurance portfolio. The scale-up currently has 55 employees, but is considering a significant expansion of the team in the near future. "We will mainly use the capital injection to expand outside the Netherlands. Currently, we are looking at Germany and France," Thijssen said. "We will continue to develop our products, including the disability insurance that we developed in the past year. We are also going to generate more brand awareness in Europe."
Munich Re Ventures, Opera Tech Ventures and Nico Rosberg
"Of course we are very happy to have attracted new funds and especially some renowned investors," Thijssen said. Munich Re Ventures, the venture arm of one of the world leaders in reinsurance, primary insurance and insurance-related risk solutions, is an important partner of Insify. In addition, Opera Tech Ventures is affiliated with BNP Paribas Asset Management France, one of the world's largest financial institutions.
