INZMO closes €3.1 million seed round led by Change Ventures

By Megha Bhattacharya

Berlin-headquartered InsurTech INZMO has closed a €3.1 million seed round led by Change Ventures, along with the participation of Swiss insurance provider Helvetia. The round brings the total amount raised by the company to €5.2 million. The company aims to simplify the insurance process by offering a full-stack solution where everything from buying a policy to making a claim can be done in an instant.

“Our app eliminates the headache of managing the often complex insurance process by giving clients full and instant control. They can change policies, submit a claim, and receive up-to-date information. Meanwhile, our insurance partners can enjoy the benefit of INZMO’s comprehensive insurance back-office solution without having to invest in expensive development. Our technology also enables us to insure used property, giving us a larger reach in terms of customer base,” explained Meeri Rebane, co-founder, INZMO.

INZMO’s full-stack automated solution allows the claims process to be executed within the mobile app quickly. The company will use the funding to double its headcount, accelerate product development and to focus on new business. It will also add new products focused squarely on the household insurance sector including a rental deposit insurance offering aimed at the lucrative German rental market comprising 40 million private rental premises.

“In these uncertain times consumers are paying more attention than ever to their financial affairs. With the average deposit for a 1-2 bed flat in Berlin at €2,400 and €3,000 in Munich – expensive deposits are a struggle for tenants. INZMO’s rental deposit insurance is a fraction of the full deposit and for those with restricted cash flow offers an attractive alternative and fairer financing option,” commented Risto Klausen, co-founder, INZMO.

INZMO stated that it will partner with property owners, agents and marketplaces to offer its rental deposit insurance. The product backed by Société Générale will be available in the coming weeks for new and existing rental agreements.

“INZMO has already established a strong reputation in the insurtech space. It has built up a considerable client base for its bike and electronics insurance products and secured a number of impressive partnerships. With its full-stack tech and service platform already in place, we’re confident INZMO has what it takes to scale across new markets and industries, and become a leader in the rising insurtech sector ,” Rait Ojasaar, Investment Partner at Change Ventures, says.