Bsurance receives $4m funding and eyes move west
Austrian insurtech Bsurance has completed a €4 million Series A financing round led by Uniqa Ventures.
Bsurance was founded at the end of 2017 and grew up in the accelerator programme of the Vienna-based innovation hub weXelerate.
Uniqa Ventures is the corporate venture capital arm of Austria’s insurance group, and is increasing its initial investment. Additional (unnamed) investors are also joining the round.
The insurtech specialises in “B2B2C” models. Access to the end customer is normally not direct, but exclusively via different cooperation partners. These are mainly companies and marketplaces with a large customer base such as trading companies, energy suppliers, electronics retailers, mobility providers or telecom companies.
The cloud-based digital platform from Bsurance automates the handling of insurance processes, including policy creation in real time. New cooperation partners are connected via an API interface. Processing partners operating throughout Europe take care of customer care and claims processing.
Following its market launch in Austria and Germany, the firm aims to expand into Western Europe and the CEE countries.
This step will be supported by the partnerships concluded last year with Munich Re and Uniqa. Bsurance says talks are already underway with other unnamed insurance companies.
Law firm Schönherr was responsible for handling the new investment into the company.