SureIn, an InsurTech startup headquartered in Berlin, revealed on Tuesday, August 15th, its accomplishment in securing €4 million through a Seed funding round spearheaded by Pact VC.
Focusing on providing holistic insurance solutions for small and medium-sized enterprises, the company is committed to bridging crucial coverage gaps.
With this infusion of funds, SureIn is poised to augment its technical teams, fortifying the platform’s capabilities and optimizing product automation across all stages. Additionally, the investment will empower the expansion of insurance services into vital sectors such as healthcare and pensions, within both current and novel verticals like professional services and startup ventures.
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About the Investors
In addition to Pact VC, the funding round witnessed active participation from notable entities including xDeck, a German VC fund, along with prominent business personalities like Warrick Shanly, a distinguished individual General Partner (GP) and the visionary behind Koro Capital. Furthermore, Robin Haak, an individual GP and the founder of Robin Capital, also contributed to the endeavor.
Notably, Vincenz Klemm, the former founder of Gabi Insurance, played a role in the funding round, exemplifying the diverse range of supporters.
Noteworthy prior investors in SureIn encompass Arc, and Atlantic Labs, along with Sequoia Capital’s pre-seed and seed stage catalyst, collectively contributing to the startup’s growth journey.
Challenges within Small and Medium Business Insurance
Within the European SMB insurance landscape, comprising 24 million businesses, an absence of innovation has been evident. SureIn underscores that this dearth of innovation stems from a lack of alignment with user requirements, consequently constraining the insurance alternatives accessible to these enterprises.
This conundrum arises due to the uniform approach adopted by conventional brokers and managing general agents (MGAs), relying heavily on outdated products and distribution techniques. Such a stance inevitably results in the oversight of SMBs by insurance providers.
The crux of the matter revolves around the distinctive nature of SMBs, encompassing their industry affiliations, business practices, and evolving risk profiles. This intricate reality poses considerable challenges when managing their insurance portfolios, often compelling businesses to grapple with multiple insurance providers and systems.
This intricate environment frequently leads to insufficient coverage and inadequate updates of risk-related information. The repercussions are substantial – from incomplete compensation for claims to the dire possibility of no payment at all.
Enter SureIn, poised to revolutionize this landscape.
According to Daniel Dierkes, CEO and Co-founder of SureIn, their market experience reveals that SMB entrepreneurs often lack a comprehensive comprehension of their risks and the requisite insurance coverage. Dierkes notes, “When they approach us, we discern that their prior contracts exhibit gaps in protection. Clearly, a flaw exists within this market.”
Dierkes adds, “With this insight, our overarching mission involves dismantling the opacity endemic to the industry. We empower founders with a deep understanding of their risks, equipping them with optimal insurance products to mitigate these risks, all while securing premium offerings at competitive rates.”
Closing the Gap in Insurance Coverage
SureIn is poised to revolutionize the landscape for small and medium-sized businesses (SMBs), beginning with Germany, by effectively closing the existing insurance gap. Anchored by a unique and comprehensive platform, SureIn offers an end-to-end insurance infrastructure tailored for SMBs. This groundbreaking innovation obviates the necessity for SMBs to construct intricate systems, rely on third-party tools, or engage with conventional brokers. Since its inception in early 2022, SureIn has rapidly expanded its footprint across various industries, amassing over €1 million in gross written premiums. The company’s resounding success is underscored by its ability to cater to a diverse array of businesses, and it’s poised to soon reach its 1,000th SMB client milestone.
SureIn specializes in sectors such as hospitality, retail, beauty and wellness, services, crafts, and construction. The company employs a meticulous vertical-focused distribution and growth strategy, underpinned by a deep understanding of each group’s distinct risks and requirements.
Monik Pham, Founding Partner at Pact VC, asserts, “SMBs constitute the backbone of Europe, accounting for 99 percent of all businesses and contributing over half of the GDP. Yet, insurers have often neglected this crucial segment. SureIn’s solution is uniquely positioned to reshape the insurance landscape by providing equitable access to products, mitigating market inefficiencies, and empowering businesses to assume control over the risks that impact their livelihoods.”
Pham continues, “We take immense pride in supporting this remarkable team, whose professional journeys have been dedicated to building tools and products for SMBs in insurance and scale-ups that have even reached IPO stages.”
Partner at Sequoia, George Robson, affirms, “Our early partnership with SureIn is rooted in our firm belief in the team’s mission. As businesses’ requirements evolve, so does their risk landscape, necessitating corresponding adjustments in insurance coverage.”
Robson further emphasizes, “SureIn stands committed to vigilantly tracking these changes to ensure clients’ coverage remains current. We perceive this as a pivotal game changer for the industry, one that will offer numerous entrepreneurs invaluable support during the pivotal phases of their business journeys.”
