FinanceFox, an independent service platform for insurance brokers and consumers, has raised USD28 million – the largest “InsurTech” round in Europe to date – in a Series A funding round led by Target Global and Horizons Ventures.
The funding will be used to further expand its product, marketing and sales activities in Switzerland and Germany, as well as enter new markets – for example Austria in Q4/2016.
The existing investors Idinvest, Salesforce Ventures, Speedinvest, Seedcamp, AngelList, Victory Park Capital and lead-angel Samuel Skoblo remain on board.
FinanceFox is based in Zurich, Vienna, Berlin and Barcelona with over 80 employees.
“We want to establish FinanceFox as the premium service provider in the InsurTech segment. For all existing stakeholders. This investment round enables us to further pursue this goal,” says FinanceFox founder and CEO, Julian Teicke.
Yaron Valler, general partner of Target Global, adds: “We are thrilled to invest in the unique approach of collaborating with industry players in order to transform the market while achieving scale. FinanceFox has all the potential to become one of the largest insurance service providers in Europe.
“The insurance market as we have known it for decades is going through fundamental change. Customers often feel lost and frustrated with confusing insurance terms, large price difference for comparable services, and complicated damage reports.”
The global insurance industry stands for an annual premium revenue of around USD5 trillion and assets under management just under USD15 trillion. Investors poured USD2.6 billion into InsurTech deals last year alone – an increase of 225 per cent to 2014.
“We see ‘disruption’ as an evolutionary process. We’re only at the beginning of this journey, but we are pursuing a long-term strategy that clearly includes identifying and implementing collaborative new approaches,” says Teicke. “We have only just begun to reinvent insurance. In ten years from now the insurance experience will look nothing like today and we will be a frontier in shaping it.”