Swiss InsurTech TONI Digital closes $12.5m Series B
By Gloria Methri
Zurich-headquartered start-up TONI Digital has secured $12.5 million in a Series B funding round. The company is a digital insurance-as-a-service provider, offering personal and commercial insurance lines such as motor insurance, payment protection insurance, and life solutions, in addition to its insurance technology platform.
The firm primarily pursues a B2B2C approach, working with leading retail and insurance brands as well as brokers on the distribution side. The latest funding was led by a consortium of investors and included the participation of existing investors.
“We would like to thank our investors for their continued support and trust in our team and our vision. We are planning to use the proceeds of this funding round to leverage our cutting-edge technology platform and to launch multiple new insurance programmes and products as well as to enter new European markets. We will grow our sales, underwriting, and engineering team,” said Bernard El Hage, Chief Executive Officer of TONI Digital. “In fact, there are not many insurance lines that remain that we are not offering yet,” he added.
Philippe Regazzoni, Director of the board said, “The funding is a clear manifestation of the filled pipeline of new distribution partners, the continued growth, as well as the attractiveness of TONI’s business model. The demand for digital, embedded, and specialised high-value insurance programmes and solutions will further grow to serve customer’s expectations and demands,”
TONI Digital is both a technology and insurance specialist. With its insurance-as-a-service offering, the company enables a brand or distribution partner to launch its own white-label insurance program. By covering the entire insurance value chain, TONI enables the channel partner to focus entirely on selling and marketing the insurance products.
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