Insurtech startup FinanceFox raises $28M in Series A
21 September 2016 | 4702 views | 0
FinanceFox, Europe’s leading independent service platform for insurances, brokers, and consumers, announced today that it has raised $28M – the largest InsurTech round in Europe to date – led by Target Global and Horizons Ventures.
This funding will be used to further expand its product, marketing, and sales activities in Switzerland and Germany, as well as enter new markets - for example Austria in Q4/2016. The existing investors Idinvest, Salesforce Ventures, Speedinvest, Seedcamp, AngelList, Victory Park Capital and lead-angel Samuel Skoblo remain on board. FinanceFox is based in Zurich, Vienna, Berlin and Barcelona with over 80 employees.
FinanceFox has ambitious goals. “We want to establish FinanceFox as the premium service provider in the InsurTech segment. For all existing stakeholders. This investment round enables us to further pursue this goal”, says FinanceFox founder and CEO, Julian Teicke. Yaron Valler, General Partner of Target Global adds: “We are thrilled to invest in the unique approach of collaborating with industry players in order to transform the market while achieving scale. FinanceFox has all the potential to become one of the largest insurance service providers in Europe.”
“The insurance market as we have known it for decades is going through fundamental change. Customers often feel lost and frustrated with confusing insurance terms, large price difference for comparable services, and complicated damage reports.” This is where FinanceFox comes in: “We want to be the one-stop-shop for consumers, brokers, and insurances. Customers can manage all their insurance matters in one app. Brokers can use our platform to manage their core processes more efficiently and customer-focused than ever before. FinanceFox then matches the consumer, broker, and insurance product to find the perfect fit.” The global insurance industry stands for an annual premium revenue of around $5 trillion and assets under management just under $15 trillion. Investors poured US $2.6 billion into insurtech deals last year alone - an increase of 225% to 2014.
FinanceFox has positioned itself to support established players in the market transition into the digital age. “We see ‘disruption’ as an evolutionary process. We’re only at the beginning of this journey, but we are pursuing a long-term strategy that clearly includes identifying and implementing collaborative new approaches.” FinanceFox aims to become the go-to platform for consumers looking to simplify the handling of their insurances. “We have only just begun to reinvent insurance. In ten years from now the insurance experience will look nothing like today and we will be a frontier in shaping it”, summarizes Julian Teicke.