simplesurance, the provider of a smart insurance services platform, has raised USD24 million in its Series-C funding round, which will be used to push the continuing international roll-out of the platform.
The lead investor is global insurance group Allianz, who invested alongside Rheingau Founders, Rakuten Capital (the investment arm of Rakuten, Inc) and other investors. Drake Star Partners acted as the exclusive financial advisor to simplesurance throughout its fundraising efforts.
This is the largest funding round since simplesurance’s inception back in 2012 and will go towards the company’s expansion into new markets, with Japan as a possible first target. Funding will also support the launch of new services such as Cyber Protection, later this year.
“We are excited about Allianz X’s follow-on investment into simplesurance,” says Dr Nazim Cetin, CEO of Allianz X. “We have developed a great partnership and look forward to continuing the partnership and cooperation with simplesurance.”
“After six years, simplesurance is on the right track and we’re showing steady growth,” says simplesurance founder Robin von Hein. “This additional investment will strengthen our competitive position as a leading insurance service provider around the world and facilitate expansion into new markets.”
“simplesurance has developed innovative solutions in both e-commerce and product insurance and has grown into one of the leaders in InsurTech,” says Michael Piechalak, Principal at Rakuten Capital. “As Rakuten Capital is focused on working collaboratively with our portfolio companies on building long-term growth strategies, we are excited to be part of their future journey.”
Founded in 2012, simplesurance has been changing the way people perceive and buy insurance, enabling customers to obtain tailored insurance policies for products purchased online. The company currently operates in 28 European markets as well as in North America through a partnership with New York based risk management services provider, Assurant.
“Our ticket in this round has been Rheingau’s largest investment so far. We are thrilled by the dynamic and successful development Robin, Joachim, and their whole team have led since we founded the company together. simplesurance benefits from a first mover advantage in its cross-selling solution which now paves the ways for rapid global scaling,” says Dr. Tobias Johann from Rheingau Founders.
“simplesurance is a clear leader in the European InsurTech industry and we are excited to support them along their strong trajectory. Together with a strong management team we are confident that simplesurance will continue to assert its strong position in insurance technology globally,” says Julian Ostertag, Managing Partner at Drake Star Partners.
