German insurance app Getsafe secures $17 million in Series A funding

German insurance app Getsafe secures $17 million in Series A funding
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A German insurance app targeting the millennial generation, Getsafe, has just scored itself a cool $17 million in Series A capital.

Investors include CommerzVentures and Earlybird with the extra money set to be spent on expanding the European market. The company is planning a U.K launch later in 2019.

Getsafe was founded in 2015 by CEO Christian Wiens and CTO Marius Blaesing and was initially a digital insurance broker but has now switched to become a direct to digital consumer insurance provider. The brokerage side of Getsafe was sold to Verivox.

Getsafe claims to be the market leader for digital-first insurance for the 20 to 35-year-old demographic, boasting 60,000 customers. Its app uses AI to help users find the most appropriate insurance for their needs.

The new money will also be spent on expanding the company’s staff from 50 to 100 employees. The new roles will be in software development, data science and customer care. Getsafe is also planning to raise more money over the next year.