Insify raises $10.7 million
Amsterdam-based Insify, which offers coverage to entrepreneurs and SMEs, is announcing a $10.7 million Series A extension, bringing the total raised in the round to €25 million.
Munich Re Ventures is leading the extension round, with participation from Accel, Frontline Ventures, Visionaries Club, Opera Tech Ventures, and Formula 1 World champion Nico Rosberg.
Founded in 2020, Insify claims to offer SMEs quotes in as little as two minutes rather than “weeks or months with incumbents.” The startup targets small businesses in the e-commerce, leisure, construction, and IT sectors among others, and its products are backed by Munich Re.
The startup also claims that it now has 10,000 customers, up from 1,500 in February 2022.
“Insify is modernizing and optimizing the €150bn 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.” – 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.” – Ben Bergsma, principal at Munich Re Ventures.
