Munich-based Finanzchef24, the first digital insurance broker for entrepreneurs and companies in Germany, has raised €4m in a Grenke Bank-led round.
Existing backers venture capital firm Target Partners and family offices HW Capital and Mercura Capital also participated in the round.
The company will use the fresh funds to boost growth and further develop the product portfolio.
Sven Noppes, executive board member of Grenke Bank said, “We were particularly impressed by Finanzchef24’s high growth rates in our shared target customer segments, consisting of founders and young, small and mid-sized enterprises.
Prior to Finanzchef24, no other provider was able to service the digital channels for these customers so efficiently.”
Waldemar Jantz, partner at Target added, “Since our first investment in 2013, Finanzchef24 has become a significant player in the financial services industry.
“With an excellent team, fast growth in recent years, and a huge market potential, we were convinced to increase our investment.”
FInanzchef24 has managed to double its annual revenue and customers number since its inception in 2012.
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