insureQ, the provider of embedded insurance products for SMEs and freelancers, has today announced raising a €5 million seed round led by Nauta Capital with existing investors Flash Ventures and GFC also participating.
The insurance market for self-employed and SMEs has historically been underserved in Germany. According to a study by Kubi/ FH Dortmund only 45% have liability insurance while a study by Gothar suggests that only 13% of SMEs have cyber insurance although cyber risks are the top fear by these companies. insureQ is aiming specifically at this underserved self-employed and SME market including SaaS and e-commerce startups, insureQ’s embedded insurance platform offers simple, transparent, and tailor-made insurance packages for its customers.
With insureQ, the insurance quotes are individually tailored to the day-to-day trade and industry needs based on answers given by the policy seeker. Once the online questions are completed, insureQ automatically creates a transparently structured insurance cover within 9 minutes. Moreover, through the dedicated customer portal, policyholders can update, change, and review their policies directly through insureQ.
Co-founder and CEO, Alexander Le Prince explains: “Within the next five years there will be 2-3 dominant players in the digital SME insurance market and together with our partners and our team we see ourselves perfectly positioned to be one of the players. Insurance products for SMEs are traditionally very complex and hard to understand. So by digitising and offering tailored smart insurance solutions we have eliminated this complexity and created a simple solution that will save small businesses both time and money.”
Acting as an insurance agent, insureQ partners with leading insurers such as Hiscox, R + V Versicherung and ARAG, in order to offer a comprehensive suite of insurance products ranging from general liability, financial loss to cyber risks and business disruption cover, all from a single platform.
insureQ also enables B2B marketplaces such as Hallo Marta, Moss and Packator to offer their self-employed users insurance products via API–integrations which are dynamically adjusted.
Founded in 2019, the Munich-based insurtech will use the additional capital to accelerate growth, enhance its tailor-made insurance products as well as expand both its partner network and the SME segments it serves. In the last few months insureQ has strengthened its core team with new members who were previously working at companies such as Allianz, Google or AIG joining the company.
“With the investment, we can continue to pursue our vision to build a simple and customer-centric digital insurance solution for the self-employed and SMEs. We are working intensively on the further development of our products and services and are very pleased that we have now also been able to convince Nauta Capital of our innovative concept,” adds co-founder and CEO Alexander Le Prince.
Commenting on the investment Guillem Sague, Partner at Nauta Capital said: “We are strong believers in the attractiveness of the SME segment, both in software and in financial services such as insurance. We think insureQ’s hybrid distribution approach, direct and embedded in third party platforms, is the right model for the SME market.”
About insureQ
insureQ is a start-up supported by Nauta Capital and GFC and headquartered in Munich. With its platform of the same name, the company offers a fully digitized insurance solution for the self-employed as well as small and micro-businesses. The special feature: the insurance packages are individually tailored to the various job profiles and are largely characterized as so-called all-risk insurance. This means that all activities that are common within a professional group are automatically covered. The policyholder can take out insurance online in less than ten minutes without any prior insurance knowledge. Further information on insureQ is available here.
About Nauta Capital
Nauta Capital is a Pan-European Venture Capital firm investing in early-stage technology companies, with offices in London, Barcelona, and Berlin. With over half a billion assets under management and a team of 24 people, Nauta Capital is one of Europe’s largest B2B focused VCs. As a sector-agnostic investor, Nauta’s main areas of interest include B2B SaaS solutions with strong network effects, vertically focused enterprise tech transforming large industries as well as those leveraging deep-tech applications to solve challenges faced by large enterprises. Nauta has led investments in more than 50 companies including Brandwatch, HappySignals, Marfeel, Nextail, Emjoy, zenloop, Landbot, Holded, Onna, MishiPay, and Smart Protection. Find out more at www.nautacapital.com
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