FINLEX closes EUR 8 million Series A investment with lead investor BlackFin
Profitable and fast-growing InsurTech FINLEX wins two well-known investors in an 8 million Euro Series A round to accelerate the company‘s further growth
# The investment interest was very high, and the founders chose the internationally renowned lead investor BlackFin Capital Partners and Segenia Capital as co-investor.
# The Series A round serves entirely to accelerate the growth of the already profitable „scale-up“; all existing shareholders maintain their participation. # Strong key figures confirm the growth potential of the business model: 120% sales growth in the first half of 2021 compared to the previous year whilst simultaneously increasing the number of employees to 60. # The founders retain the clear majority in the company.
# The additional capital will primarily flow into development of the platform and extension of the product range. By late summer 2022, the number of employees is expected to double.
FINLEX recently launched innovative new features on its platform tailored for financial lines segments despite adverse market conditions in the insurance industry. These include new generations of the fully automated SMART calculator for a comprehensive market comparison as well as functions for a more efficient contract renewal and contract administration.
The investment by the pan-European fund BlackFin Capital Partners who is focused on the financial industry and the investment firm Segenia Capital is an important milestone for FINLEX. It supports the ambitious growth targets and additionally sends a signal to the market, that it is inevitable to have a specialized platform with universal standards — across insurers — in risk assessments, processes, and interfaces.
“We are fully convinced by the dynamism of the financial lines market including cyber insurance in which there is a clear equipment need. Thanks to the quality of the platform, the unrivaled market knowledge of the founding team and the support from BlackFin FINLEX is best positioned to play a leading role in Europe”, says Maxime Mandin, Investment Director at BlackFin Capital Partners.
“We are impressed with the founders and their platform solution which uniquely matches insurance brokers and insurance providers to result in an efficient, automated and at the same time tailor made Financial Lines insurance coverages like D&O and Cyber for corporates. FINLEX is now well positioned for growth.”. says Carsten Radtke, Managing Director at Segenia Capital. FINLEX will consistently pursue this approach and sustainably expand its leading role with new partners and products — digitally, efficiently, and transparently.
„This funding will accelerate our dynamic growth, take our technology platform to the next level, and strengthen and expand our core product offering in the local market,“ so Sebastian Klapper, Founder and Managing Director of FINLEX. „We will broaden our new platform with additional services and features and new key technologies, as well as strengthen the scalability of our internal structures. This will make FINLEX even more relevant for cooperation brokers, corporate clients, and insurance carriers.“