simplesurance raises €15 million

Berlin-slash-Tokyo-based cross-selling insurance platform simplesurance has raised a €15 million convertible loan from Allianz X, a current investor in the company.

Founded in 2012, the startup is a team of 106 – a 13% reduction in its workforce in the past 12 months, according to LinkedIn. The company has raised close to $60 million excluding this round and operates in the space of alternative distribution, in other words, it offers distribution partners access to insurance via an online process.

To date, the company has predominantly enabled non-insurance players such as fintech players Numbrs and Revolut and consumer electronics giant Samsung to offer phone insurance. More recently, however, it also partnered with international oral health company SmileDirectClub to offers its German customers access to SmileNow, a dental health insurance plan by Allianz where users pay €80 per month (for 24 months) and a deductible of €159 in the first month.