The five-year-old startup, present in the German and British markets, is seeking to disrupt an industry dominated by old-school brokers by offering monthly membership subscriptions to a younger, more technophile audience.
Getsafe’s user numbers have grown to 150,000 and, with 30% of them having signing up for a second product, revenue is doubling every six months, CEO and founder Christian Wiens told Reuters in an interview.
The Heidelberg-based startup is adding auto insurance to its core offering of liability and contents insurance, and plans to expand into areas like life cover as its demographic matures and becomes more prosperous.
Getsafe has drawn comparisons with U.S. ‘insurtech’ company Lemonade, which has tripled in value since floating on the stock market in July and commands a market capitalisation of $4.8 billion.
It competes locally with wefox, a well-funded digital platform that works with intermediaries – a model that Wiens said may drive short-term growth but is ultimately doomed because most brokers are nearing retirement age.
Getsafe is currently relying on insurance partner Swiss Re to provide the balance sheet to back its products but has applied for a licence with German financial regulator Bafin that it hopes will come through next year.
It plans to enter another European market in 2021 and is looking to float on the stock market within three years, Wiens told Reuters.
Existing investors, including Earlybird and CommerzVentures, also took part in Getsafe’s Series B round, which brought total investment raised to $53 million.