Germany-based InsruTech startup InsureQ has reportedly collected €5m in its seed round, which will support the expansion of its offering.
Nauta Capital acted as the lead investor, with commitments also coming from Flash Ventures and GFC, according to a report from eu-startups.
Funds from the round will be used to accelerate its growth, deepen its insurance products and grow its partner network and customer base.
InsurQ provides insurance policies for freelancers, startups and small businesses – its policies are underwritten by Hiscox.
The InsurTech offers personalised policies for those working in IT services, consulting, statups, e-commerce, property management, transport, associations and more.
Through the mobile app, a user can get a quote within nine minutes. The app also enables the insurance process to be handled fully online, from buying the cover, managing policies and filing a claim.
InsureQ co-founder and CEO Alexander Le Prince told eu-startups, “Within the next five years there will be two to three dominant players in the digital SME insurance market and together with our partners and our team we see ourselves perfectly positioned to be one of the players.”
Investment in the InsurTech sector has grown over the past five years. Funding hit a new record in 2020, with a total of $6.2bn invested through 323 transactions.
