The Series B round that Getsafe originally announced in December 2020 has been extended. The company is also injecting an additional $63 million in new capital on top of its original Series B round of $30 million . Getsafe has received a $93 million Series B investment in total funding.
Unidentified family offices, Earlybird, and Abacon Capital are among the investors in the current investment round. Additionally, some of the company’s previous investors, including CommerzVentures and Swiss Re, are making new investments.
The German business initially offered a home contents insurance service that was entirely online. Through its website and app, it offers its items directly to end users. Getsafe has grown over time to offer new products like personal liability insurance, dog liability insurance, drone liability insurance, bike theft protection, and car insurance.
Currently, the service is offered in Germany and the United Kingdom. Getsafe’s stats are improving, despite the fact that its home market has more customers. Currently, Getsafe has 25,000 customers in the UK and over 225,000 in Germany. According to TechCrunch’s Steve O’Hear reported , Getsafe had only 150,000 customers altogether as of December 2020.
It’s intriguing that Getsafe genuinely thinks that developing a close relationship with its end users is the greatest approach to sell insurance products. You can purchase new insurance products, manage your existing contracts, and submit claims immediately using the mobile app, which serves as a crucial component of the company’s product offering.
When compared to Wefox , a sizable German insurtech business that raised $650 million acquired earlier this year, this is a fundamentally different approach. 700 agents and 5,000 associate brokers are partners with Wefox, and they each distribute Wefox products to their own clients.
Getsafe sells its goods to many first-time insurance purchasers thanks to its direct-to-consumer strategy. Additionally, Getsafe’s app sees high levels of usage. 30% of the clientele of the business use the app at least once per month, which creates several potential for upselling.
Getsafe intends to ultimately obtain its own insurance license with the extra funds. It has been developing this procedure for some time because it doesn’t want to continue serving as a broker in the future. At some point in 2021, Getsafe’s fully licensed insurer should go active.
The business also plans to invest in its product and grow into other markets and product categories. The next step for Getsafe is to consider entering France, Spain, Italy, and Austria.