The insurtech space continues to excite investors with the largest funding round raised in Europe to date just being picked up by FinanceFox.
The $28m Series A round was led by Target Global and Horizons Ventures with participation from existing backers Idinvest Partners, Salesforce Ventures, Speedinvest, Seedcamp, AngelList and Victory Park Capital.
The company’s app allows users to find insurance deals, keep track of their different types of coverage and make claims.
Rather than attempting to take insurance brokers out of the process the app allows them to transition their customer onto the platform through which they can also identify potential new leads.
The startup’s CEO and founder Julian Teicke said, “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.”
FinanceFox counts 80 employees based across Barcelona, Berlin and Zurich and say it will use the capital to expand into the Austrian market in Q4 2016.
The financing takes the total raised by the company to $33.5m and will also be used to expand its product, marketing and sales activities.
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