Allianz leads $24m investment in German insurtech Simplesurance

German insurer Allianz has led the latest fundraising round of Berlin-based insurtech startup Simplesurance, alongside other investors such as Rheingau Founders and Rakuten Capital.

Simplesurance has raised $24 million in the final Series-C round, which will go towards expansion into new markets with a focus on Asia and support the launch of new services like cyber protection.

The insurtech firm formed a financial and strategic partnership with Allianz Group in 2016.

“We are excited about Allianz X’s follow-on investment into simplesurance,” said Nazim Cetin, CEO of Allianz X. “We have developed a great partnership and look forward to continuing the partnership and cooperation with simplesurance.”

Simplesurance currently operates in 28 European markets as well as in North America through a partnership with New York-based risk management services provider Assurant. The insurtech firm is planning its global expansion with Japan as a possible first target.

Robin von Hein, founder of Simplesurance, commented: “After six years, simplesurance is on the right track and we’re showing steady growth. This additional investment will strengthen our competitive position as a leading insurance service provider around the world and facilitate expansion into new markets.”

Michael Piechalak, principal at Rakuten Capital, said: "simplesurance has developed innovative solutions in both e-commerce and product insurance and has grown into one of the leaders in InsurTech."

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