‍

We’re thrilled to announce that EGP is leading Insify’s €16.3m Series B, with support from existing investors Accel, Opera Tech, Munich Re Ventures, Frontline Ventures and Visionaries Club. After looking at tens of Insurtechs, Insify is our first investment in the space and for good reason.

‍
At his previous startup, Koen Thijssen had a truly awful experience with an insurer. This left a sour taste in Koen’s mouth, and instead of moving on, Koen did something not many sane people would do: he decided to build a better insurance company. That frustration became the company’s north star and the reason for its existence, the classic reason why as coined by Simon Sinek.

‍
As we all know, insurance is full of friction. Applications take ages, claims drag, and customers feel like they don’t fully understand their coverage. Insify has stripped all that away: fully digital, personalized policies in minutes, and claims flows built around speed and clarity. This value proposition resonates with the customers, as Insify boasts over 30,000 customers who actually enjoy buying insurance (yes, that’s a sentence we can write).

‍

‍

‍

‍

‍

‍

On top of a killer product, the company has also shown extensive proof-of-concept of nailing their GTM motion. In an industry where incumbents have a significant distribution advantage, Insify has been able to build a well-oiled machine by speaking to entrepreneurs with the language of entrepreneurs. This creates a bond between customers and a strong brand, which can be leveraged even more in the future.

‍

Insify’s unit economics and operational playbook are rare in this space. They are comparatively more effective in acquiring customers and handling claims, which means they can reinvest more aggressively into product and growth. That creates a real competitive advantage which is starting to show a flywheel effect. This is also something that our Growth Partner Mikko Kuitunen highlighted. Mikko has a background in working in insurance and he will join the board of the company.

‍
What ultimately sealed the deal was Koen and the management team overall, which shows an edge and willingness to win. In an industry that moves slow, showing this type of tenacity and belief in the cause is key, as there are no quick wins. EGP’s motto is to invest in the most beautiful European growth companies. When this level of positive recklessness meets a hunger to win, a clear reason of why and world-class metrics, beautiful things tend to happen. Welcome to the EGP family Insify, Koen and the entire team!

‍