getsafe Secures $63M Series B Funding

Getsafe Secures Additional Funding in Extended Series B Round

Getsafe has broadened its previously announced Series B funding round from December 2020. Alongside the initial $30 million, the company is receiving an additional $63 million in new investment.

This brings the total Series B funding raised by Getsafe to $93 million.

Investor Details

The current funding round includes participation from various family offices, as well as Earlybird and Abacon Capital. Notably, existing investors like CommerzVentures and Swiss Re are also reinvesting in the company.

Company Evolution and Product Range

Initially launched in Germany, Getsafe began by offering a digitally-focused home contents insurance solution.

Products are sold directly to consumers via the company’s website and mobile application.

Over time, the product portfolio has expanded to encompass personal liability, dog liability, drone liability, bicycle theft coverage, and automobile insurance.

Market Presence and Customer Growth

Getsafe currently operates in two key markets: Germany and the United Kingdom.

While Germany remains its primary customer base, the company is experiencing growth in the U.K. as well.

Currently, Getsafe serves approximately 225,000 customers in Germany and 25,000 in the U.K.

This represents significant growth from December 2020, when reports indicated a total customer base of 150,000.

Direct-to-Consumer Strategy

Getsafe strongly believes in building direct relationships with its customers as the most effective method for insurance sales.

The mobile app is central to this strategy, enabling users to purchase new policies, manage existing contracts, and submit claims directly.

Comparison to Wefox

This approach differs significantly from that of Wefox, another prominent German insurtech firm that secured $650 million in funding earlier this year.

Wefox utilizes a network of 700 agents and 5,000 associate brokers to distribute its products.