Friendsurance, founded in 2010 and headquartered in Berlin, operates a peer-to-peer insurance platform that groups customers with the same insurance type into small online pools. Part of each member’s premium is allocated to a cashback pool; if no claims are made during the year, group members receive cashback the following January. The company reports a six-digit number of customers, about 70 insurance partners, and a team of more than 80 employees. Over 80% of users have received cashback, and in the nonlife segment the average cashback equals roughly one-third of paid-in premiums. Insurers partnering with Friendsurance benefit from higher customer satisfaction and cost savings through incentives that reduce fraud. The company plans to use new capital to grow further in Germany and to internationalize, naming Australia as its first 2016 expansion target. Friendsurance operates a peer-to-peer insurance platform that lets customers connect online and form their own insurance pools, with small claims paid from the pool and larger claims covered by traditional insurers. If claims do not exceed the pool, money is returned to customers; customers never pay more than their original premium. The startup reports that the more people in a pool and the fewer claims made, the greater the savings for members. Friendsurance's cashback is available on a range of retail products, and in January 94 percent of customers on the network received cash back. The company has grown to over 40 staff since launching in 2010 and is headquartered in Berlin, Germany. Prior funding has come from private investors including e.ventures.

Total raised

$15M

Funding rounds

2

Latest round

Equity

Latest activity

Mar 2016