Claimsforce has reportedly raised €7m in its Series A round, which will help it increase its team globally.
The round was led by Notion Capital, with support also coming from Fly Ventures, Point Nine and La Famiglia, according to a report from Crowdfund Insider.
With the capital injection, the InsurTech plans to increase its current capabilities, increase its team around the world and increase the number of data points it uses to assess claims, the article states.
Claimsforce builds an improved claims management tool which leverages AI and machine learning technology to automate processes.
Fellow Germany-based ELEMENT bagged an additional €10m for its Series A round. The company builds digitalisation software for insurers to help them improve customer experiences.
The FinTech sector in Germany has grown seven-fold since 2015, rising from $463.1m invested through 44 deals to $3.2bn in 70 transactions, FinTech Global data shows. Over the years, the majority of capital has been invested into payments and remittance companies, which represent 22.5% of the total funding.
InsurTech has received the fourth highest volume of funding, representing 12.9% of the total $5.9bn to be invested into German FinTech since 2015.
