Getsafe has announced that it has extended its Series A round, which was previously announced in December 2020. The company has added $63 million to its Series B round, which was originally $30 million. Getsafe has raised $93 million in Series B capital.
Today's investors include Unnamed Family Offices, Earlybird Capital and Abacon Capital. CommerzVentures, Swiss Re and Swiss Re are some of the existing investors in the company.
The German company started out with a digital-first product for home contents insurance. The company sells its products directly through its app and website to its customers. Getsafe has added new products over time such as personal liability and drone liability, protection against bike theft, and auto insurance.
The service is now available in Germany and the U.K. Although Getsafe has more customers in its home country, the company's metrics are improving. Getsafe currently serves around 225,000 customers in Germany, and 25,000 in the U.K. TechCrunchs Steve OHear stated that Getsafe had only 150,000 customers in December 2020.
It is interesting to note that Getsafe believes that the best way for insurance companies to sell products is by having a direct relationship. The company's mobile app is a key component of its product offering. You can purchase new insurance products, manage existing contracts, and file claims through the app.
Comparing it with Wefox, a large German insurtech company which raised $650m earlier this year, you will see a totally different strategy. Wefox partners 700 agents and 5,000 associate broker to distribute Wefox products directly to their customers.
Getsafe's direct-to consumer approach allows it to sell its products to many first-time buyers. Getsafe's app is very popular. 30% of customers use the app at least once a month. This opens up a lot of opportunities for upselling.
Getsafe will finally be able to get its own insurance license with the additional funding. This is something it has been working on for some time as it does not want to be a broker. The Getsafes fully licensed insurance should be available soon, possibly in 2021.
The company will also invest in its product and expand to new markets. Getsafe will be expanding its reach to France, Spain and Italy in the future.
