German InsurTech startup Feather, which aims to simplify health insurance for expatriates, has successfully raised €6m.
The funding round attracted investment from notable investors, including Keen Venture Partners, Plural, and angels from companies such as GoCardless, Monzo, and N26, according to Tech Crunch.
Feather focuses on providing tailored insurance solutions to the over 40 million expatriates living and working in Europe.
The company offers a range of insurance products, including health, life, pet, automotive, and personal liability insurance, all designed to meet the specific needs of expats.
With the new funding, Feather plans to accelerate its international expansion. Currently serving expats in Germany, France, and Spain, the startup aims to launch in three additional countries by the end of 2024.
Feather’s funding journey has been challenging, especially in the current climate for InsurTech startups. The company’s focus on profitability and a sustainable business model helped attract investors despite the sector’s recent struggles. “And I think that was the key thing that made us really interesting again,” Feather CEO Rob Schumacher told Tech Crunch.
Feather’s innovative approach includes a recommendation tool that helps users determine their insurance needs. This digital-first strategy has resonated well with expats, who often prefer not to deal with traditional brokers. The startup’s success in Spain, achieving more in six months than in the first 18 months in Germany, underscores the demand for its services.
Wise co-founder Taavet Hinrikus, through his VC fund Plural, and associate Abdul Afridi of Keen Venture Partners, who is an expat himself, are among the key backers.
Previously, Feather received angel investments from former founders of GoCardless, Monzo, and N26, including Feather CTO Vincent Audoire, an early employee at N26. The company’s continued growth highlights the potential in addressing the specific insurance needs of expatriates in Europe.
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