Getsafe has raised €17 million in a Series A funding round led by Earlybird, with participation from CommerzVentures and other existing investors.

The German InsurTech startup will use the money to prepare its European expansion and more than double its team from the current 50 employees, with a focus on customer care, software development and data science.

By the end of this year, Getsafe plans to enter the British market, with other markets scheduled to follow in 2020. Further funds are to be raised over the next 12 months.

Getsafe's ambition is to build Europe's first mobile, artificial intelligence (AI) powered insurance company.

It developed a range of digital insurance products that users can instantly buy on their phones, mainly targeting Millennial customers by offering liability, renters and legal cover - including modular add-ons for family members, bikes and drones. Its customers are on average 29 years old, and three quarters take out insurance for the first time in their lives.

Unlike many existing insurers, Getsafe runs a proprietary AI back office, developed in-house, which allows it to go multi-market and multi-line with one core system.

Chief executive and co-founder Christian Wiens explained: “While US startups often tend to first scale and fix infrastructure later, we Germans like to do it the other way round.”

Christian Nagel, partner at Earlybird, commented: “The disruption of the insurance industry is in full swing and offers large growth potential. Getsafe's app provides the simplest and most flexible access to affordable insurance products, especially for young people – a clientele that has remained hard to reach for the insurance industry.”

Since its launch at the end of 2017, the company has grown to selling 50,000 policies last year. By the end of this year, Getsafe intends to sell 180,000 policies.

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