getsafe has extended its Series B round which it announced in December 2020. In addition to the $30 million of its original Series B round, the company is adding another $63 million in new capital. In total, GetSafe has raised $93 million in a Series B round.
Investors in today’s funding round include the unnamed Family Office as well as Earlybird and Abecon Capital. Some of the company’s existing investors, such as CommerzVentures and Swiss Re, are also investing in the company once again.
The German company originally started with a digital-first home content insurance product. It sells its products directly to the end customers through its website and app. Over time, GetSafe expanded to new products such as personal liability, dog liability, drone liability, bike theft protection and car insurance.
The service is now active in two markets – Germany as well as the UK. While GetSafe still has more customers in its home market, the company’s metrics are increasing. GetSafe currently has approximately 225,000 customers in Germany and 25,000 in the UK. In December 2020 Steve O’Hear of Nerdshala reported that GateSafe had only 150,000 customers in total.
Interestingly, GetSafe truly believes that the best way to sell insurance products is through a direct relationship with its end customers. The mobile app serves as an important part of the company’s product offering as you can buy new insurance products, manage your existing contracts and file claims directly through the app.
It’s a completely different strategy when you compare it wefox, another large German insurtech company that raised $650 million earlier this year. Wefox partners with 700 agents and 5,000 associate brokers – they distribute Wefox products to their clients.
With GetSafe’s direct-to-consumer approach, the startup manages to sell its products to a lot of first time insurance buyers. And Getsafe has a lot to do with its app. 30% of the company’s customers open the app at least once a month, providing lots of upselling opportunities.
With additional funding, GetSafe plans to eventually get its insurance license. It has been working on this process for some time now as it does not want to act as a broker in the future. Getsafe’s fully licensed insurer should go live at some point in 2021, soon.
The company is going to invest in its product, expand into new categories and new markets. Subsequently, GetSafe is looking to expand into France, Spain, Italy and Austria.