– NETHERLANDS, Amsterdam – Insify, the end-to-end digital insurance platform designed for Europe’s entrepreneurs and SMEs, today announced that it has raised €15m Series A financing led by Accel led alongside Visionaries Club as well as existing investors Frontline Ventures and Fly Ventures and angel investors from leading European fintech companies.
Concurrent with the financing, Luca Bocchio, Partner at Accel, joins the Board.
“Legacy insurers have neglected European entrepreneurs and SMEs for years, providing them with a sub-par experience and overpriced premiums. Insify is challenging the status quo with a delightful and seamless end-to-end digital customer journey, underpinned by its world-class data analytics and continuous underwriting technology. It takes an entrepreneur to understand what entrepreneurs want and face everyday which is why I am confident that Koen and his excellent team will accomplish what they have set out to do; fundamentally transform how business insurance is accessed and offered across Europe,” said Luca Bocchio.
The investment will primarily be used to scale operations and headcount, expand into new markets in Europe as well as enhance its underwriting and data analytics capabilities.
Koen Thijssen, CEO and founder said: “As an entrepreneur myself, I know firsthand that running a small business can be difficult at the best of times. The last thing business owners need is to be overextending themselves with convoluted insurance policies and dealing with excessive premiums. Insurance should be something that supports entrepreneurs, not overwhelms them. We designed our digital insurance platform with the entrepreneur and SMEs at its core. With our easy-to-use platform, we can deliver a tailored and accurately priced insurance policy to an entrepreneur’s inbox in as little as two minutes, giving them the peace of mind that they need to focus on their core business.”
About Insify
Insify was founded in 2020 by Koen Thijssen, who previously led Rocket Internet in Benelux and co-founded flower e-commerce business Bloomon (acquired by Bloom & Wild).
Insify is transforming business insurance to make it simpler, faster and more affordable for entrepreneurs and SMEs. Through an intuitive end-to-end digital customer journey, Insify can offer SMEs a business insurance quote in as little as two minutes, rather than weeks or months with incumbents. Enhanced data analytics drawing on dozens of signals, as opposed to stale questionnaires, also ensures that coverage is tailored and individually priced for each business and automatically evolves with the business itself thanks to Insify’s continuous monitoring and underwriting technology.
Insify develops proprietary and tailored insurance products spanning business liability and professional indemnity to occupational disability cover, for entrepreneurs and small businesses in the e-commerce, leisure, construction, and IT sectors, among others, backed by Munich Re. Insify insures businesses through several channels, including direct online signup, embedded partnerships with e-commerce and fintech platforms, and brokers who want to add a seamless offering for small businesses. Insify has grown rapidly in its first commercial year of operations, already protecting more than 1,500 small businesses in its initial market of the Netherlands.
For more information: https://insify.com/
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