Toni Digital raises $12.5 million
Swiss insurance startup TONI Digital has secured $12.5 million in a Series B funding round led by a consortium of investors.
Founded in 2017, the startup enables brands to launch their own white-label insurance programs across personal and commercial insurance lines. The solution covers the entire insurance value chain and TONI claims that it can configure any insurance product in record time and automatically generate the corresponding APIs in the background. One major distribution partner is Migros, Switzerland’s largest retail supermarket chain.
TONI works with several insurance companies such as Munich Re, Helvetia, Vaudoise, Assista, and ERV to offer the different coverages.
“The funding is a clear manifest of the filled pipeline of new distribution partners, the continued growth, as well as the attractiveness of TONI’s business model. The demand for digital, embedded and specialized high-value insurance programs and solutions will further grow to serve customer’s expectations and demands.” – Philippe Regazzoni, director of the board, TONI.
“We would like to thank our investors for their continued support and trust in our team and our vision. We are planning to use the proceeds of this funding round to leverage our cutting-edge technology platform and to launch multiple new insurance programs and products as well as to enter new European markets. We will grow our sales, underwriting and engineering team. In fact, there are not many insurance lines that remain that we are not offering yet.” – Bernard El Hage, CEO of TONI Digital.