simplesurance Increases Total Funding to 60 Million Dollar
Only a few months after the announcement of the last financing round, simplesurance receives the next high investment of 11.5 million dollars. Investors are the multinational insurance company TMHD and the German-French financial group ODDO BHF. This additional financing round increases the total financing of simplesurance to 60 million dollars and underlines the position of simplesurance as the best placed InsurTech in Europe.
TMHB, who is a multinational insurance holding company and the largest insurance group in Japan, will support the market entry of simplesurance in Japan. “We are confident that through our collaboration with simplesurance, we will be able to innovate in the Japanese and Asian insurance markets”, stated Osamu Kanda, Managing Executive Officer and Chief Commercial Company Officer at Tokyo Marine and Nichido Fire Insurance Co. Ltd.
The Japanese insurance landscape looks promising: Although people have an affinity for insurance products, digital insurance processes are still at their starting point, as is the InsurTech market. This is why simplesurance comes into play. By leveraging its many years of expertise and know-how in cross-selling solutions, simplesurance can scale its platform for e-commerce and FinTech providers in Japan.
In the past, Rakuten, a global innovation company and Japan´s leader in e-commerce and FinTech services has already started a cooperation with simplesurance and has also become a financial shareholder. As part of the expansion, simplesurance is planning to open an office in Tokyo with a new team.
Founder Robin von Hein is proud of the company’s development and states that after six years of its foundation, simplesurance is already active in 28 European countries and is now entering the Japanese market. Additionally, Dominik Bark, Chief Insurance Officer, states: “The Japanese market is very attractive. However, digital changes have not yet arrived in the industry, even though people are very technically evolved. By leveraging our first mover advantage for digital insurance solutions, we will be able to build a completely new InsurTech market in Japan”.
The second investor is ODDO BHF which is an independent French-German financial service group, with a history of over 160 years. The financing into simplesurance proves excellent trust and marks the start of a long-term partnership. Phillipe Oddo, Managing Partner at ODDO BHF: “In our innovation process, we have decided to invest in FinTech companies. After investing already in two other FinTechs, Lydia and Bankin, we have now invested in simplesurance, were we are convinced by its management and its unique business model”.
“Winning ODDO BHF as an investment partner, strengthens our competitive position as a leading insurance service provider around the world and enables our diversification and expansion strategy”, pronounces founder and CEO Robin von Hein.
You can find more about the company simplesurance at this address.