Insurtech Startup Helvengo Nets €4M Funding For European Expansion
The Swedish Insurtech startup Helevengo aims to expand its market and improve its technology after scoring a hefty amount of funding.
Like Fintech, Insurtech is also the talk of the town. Insurtech is steering innovation thus disrupting the industry. As per the stats, the Insurtech industry is forecasted to grow by $158,994.2 million by 2030. The major reason behind this growth is the innovative solutions brought by the insurtech and increase adoption of this technology by businesses and this trend is going to mirror in the coming years too.
That is why the investors are pouring down their money on insurtech startups. As recently, the insurtech startup Helvengo raised funding of €4 million in its seed round. The funding round was led by TX Ventures along with Hypoport, PostFinance, Seed X Liechtenstein, Anamcara Capital, Plug and Play, and Conny&Co.
In addition to Europe, insurtech startups are becoming popular all around the globe. Such as in the USA the Insurtech startup Coterie raised a hefty amount of $50 million funding and in Brazil, the Insurtech startup raised funding of $35.8 million.
Helevengo offers tailor-made products for SMEs and entrepreneurs to address the various challenges related to insurance. Those who want to insure their risks often have to deal with difficult and non-transparent offers that are time-consuming because of the analog processes. Here the startup Helvengo comes in with the digital solution to deal with these all problems and provides an alternative to serve its clients. It automatically compiles offers for professional liability, cyber and D&O insurance, after running extensive risk analysis.
Helvengo was founded in 2020 by Benedikt Andreas and Felix Huemer. Thus the combination of risk analysis coupled with Helevengo’s highly customizable and tailored products makes insurance coverage a reality for companies. Thus, revolutionizing the insurtech world for startups and SMEs.
Vedran Pranjic, Co-Founder of Helvengo, in this regard said
“We offer SMEs the opportunity to analyze and cover their risks in just a few minutes. With this, we are making the commercial insurance market more digital, transparent, and cost-effective.
Furthermore, he said that Vedran Pranjic, “90% of the market is served through insurance brokers, but securing business insurance takes a big chunk of a broker’s day. Hours are spent gathering quotes, helping the client make sense of them, processing forms and a lot of back and forth with insurance carriers to finalize contracts.” Alternatively, with Helvengo, clients receive “the digital toolbox of 2022 for the ideal coverage”.
The new investment will aid in the expansion of the company into the German and European markets.