Digital Insurer Friday Raises €114M
German digital insurer Friday has completed a €114m financing round of which €39m was invested by SevenVentures and German Media Pool, and €75m was invested by Swiss insurer and majority shareholder Baloise Group.
Since SevenVentures is the investment arm of ProSiebenSat.1 Group, a leading German entertainment player that generates more than 1b video views per month with its online platforms, it is an ideal partner to support Friday’s D2C strategy.
“The Media-for-Equity Investment from new investors shows that, at FRIDAY, we are connecting with the spirit of the times. Our customers want simpler insurance products, and together with our new investors, we will make sure that a wide range of customers will be enthusiastic about our simple insurance solutions.” – Baloise Group CEO Gert De Winter.
“An investment in the digital insurance product area offers considerable potential. FRIDAY has achieved significant success in a multi-billion euro market in the shortest time. With its customer-oriented product development, the team modernizes processes and optimizes the customer experience. We are convinced that with our media investment and extensive experience we will build the brand rapidly, gain market confidence and further drive FRIDAY’s growth. The initial TV campaigns have shown good results.” – SevenVentures CEO Florian Pauthner.
Bottom Line: Established in 2017, Friday – a team of ~51 – currently enjoys over 45k car insurance customers.