Getsafe, a German insurtech startup, has raised $63 million in its Series B round.

Getsafe has decided to prolong its Series B round, which was first announced in December 2020. The firm is raising additional $63 million in addition to the $30 million it raised in its previous Series B investment. Getsafe has raised a total of $93 million in its Series B financing.

Unnamed family offices, as well as Earlybird and Abacon Capital, are among the investors in today’s financing round. Some of the firm’s previous investors, including CommerzVentures and Swiss Re, are reinvesting in the company.

The German firm’s initial offering was a digital-only home contents insurance policy. It offers its items to end users directly via its website and app. Getsafe grew to n employees over time.

The service is currently available in two markets: Germany and the United Kingdom. Getsafe’s indicators are improving, even though it still has more clients in its native market. Getsafe has about 225,000 clients in Germany and 25,000 customers in the United Kingdom. Getsafe only had 150,000 customers total in December 2020, according to TechCrunch’s Steve O’Hear.

What’s more intriguing is Getsafe’s belief that the best way to market insurance products is through direct contact with clients. The mobile app is an important component of the company’s product offering since you can use it to purchase new insurance products, manage current contracts, and make claims.

When compared to Wefox, another large German insurtech firm that raised $650 million earlier this year, this is an entirely different strategy. Wefox works with 700 agents and 5,000 associate brokers that sell Wefox goods directly to their consumers.

Getsafe’s direct-to-consumer model allows the company to offer its products to a large number of first-time insurance consumers. Getsafe’s app also has a high level of engagement. 30% of the company’s clients use the app at least once a month, resulting in several upsell possibilities.

It is great to know that Getsafe is elongating their Series B round and evolving their consumer model as they are increasing their product engagement. All best wishes to them.

Shishir Gupta, Founder and CEO, StartupLanes

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