Insify, the modern insurtech for SMEs, has raised an additional €10 million, bringing its total Series A funding to €25 million.

Munich Re Ventures led the extension round and was joined by existing investors including global venture fund Accel – who led Insify’s Series A – Frontline Ventures and Berlin’s Visionaries Club, as well as new investors including Formula 1 World Champion Nico Rosberg and Opera Tech Ventures, the VC arm of BNP Paribas Group. The fresh funding will be used to continue expanding Insify’s suite of products while expanding into additional European markets.

Business insurance is a huge pain point for SMEs, with legacy insurers offering complicated policies which are overpriced, outdated and cumbersome to use. Despite the huge size of the European market – over €150bn – current players are still lagging behind when it comes to providing a digital, seamless experience that companies have come to expect, and many SMEs are stuck with no coverage at all.

Insify is revolutionising the business insurance sector by offering an end-to-end digital insurance platform designed specifically for Europe’s entrepreneurs and SMEs. The company, founded in 2020 by former Bloomon and Rocket Internet executive Koen Thijssen, allows SMEs to receive a business insurance quote in as little as two minutes, rather than weeks or months.

The company’s innovative platform utilises enhanced data analytics drawing on dozens of signals, as opposed to stale questionnaires, to ensure that coverage is tailored and individually priced for each business. Policies are refreshed regularly through automated checks and underwriting, evolving as SMEs themselves scale.

Since raising a €15 million Series A funding round in 2022, Insify has grown its customer base from 1,500 to over 10,000, expanded into France and Germany, and launched its own disability insurance product in the Netherlands.

Insify will use the capital injection primarily to expand further across the continent, with an initial focus on doubling down in Germany and France. The company will also use the additional funding to further develop and consolidate its suite of insurance products and to grow its team of 55 employees.

Koen Thijssen, CEO and founder of Insify, said: “Insify is modernising and optimising the €150bn European business insurance market. As an entrepreneur myself, I have experienced first-hand how SMEs are underserved when it comes to business insurance, with many legacy providers failing to offer a digital-friendly, streamlined and competitive offering – meaning that many businesses simply go without cover. Our rapid growth since our previous funding round in 2022 shows the desire and need for better insurance solutions from freelancers and SMEs across the continent. We are incredibly excited to raise fresh funding today, helping us on our mission to transform the world of business insurance and make it faster, simple and fairer for entrepreneurs everywhere.”

Ben Bergsma, Principal at Munich Re Ventures, said: “The sheer size of the European commercial insurance market is staggering, yet existing product offerings are rarely tailored towards the needs of small businesses specifically. The Insify team has created a compelling and sleek insurance product portfolio for European entrepreneurs, while also maintaining their strong focus on the underlying economics of the policies. We’re very excited to be partnering with the company as it expands throughout continental Europe.”