Berlin-headquartered InsurTech platform simplesurance has bagged $24m in its Series C round.
Allianz led the investment, with participation also coming from Rheingau Founders, Rakuten Capital.
Founded in 2012, the company is an online insurance platform which supports customers with buying tailored policies. The New York-based company’s technology enables cross-selling with over 2,500 online retailers to help a customer purchase product insurance at the point-of-sale.
simpleinsurance also supplies users with a mobile app to manage all insurance policies, compare and purchase other products and communicate with their broker.
The company currently operates across 28 countries in Europe, as well as in North America.
This capital injection will be used to support simplesurance’s global expansion plans, with its first target being Japan. Equity will also be used to aid the launch of new services such as cyber protection, later in the year.
Rakuten Capital principal Michael Piechalak said, “simplesurance has developed innovative solutions in both e-commerce and product insurance and has grown into one of the leaders in InsurTech. 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.”
Last year, the company received an undisclosed investment from Rakuten Rheingau Founders, Route 66 Ventures and Allianz.
Earlier in the year, Allianz co-led the $100m funding round of C2FO, a platform to help companies pay their suppliers earlier. The company helps to boost a businesses access to working capital and will use the capital to support its international expansion.
Marketplace lending companies led the way for funding in Germany’s FinTech sector last year, receiving 39 per cent of the funding, according to data by FinTech Global. The InsurTech sector was the third biggest in the country, representing 12 per cent of the total $553m deployed in the country.
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