GetSafe, a “neo-insurer” aimed at millennials that says it has 250K users across Germany and UK, extends its Series B to $93M
Blathnaid O'Dea / Silicon Republic :
Context & Ripple Effects
GetSafe's raise closes a two-year arc: its €15M Series A in mid-2019 funded a move from 60K German customers into a planned UK expansion, and the company now claims 250K users across both markets — roughly quadrupling the base while stretching its B round to $93M.
The round lands two weeks after Stockholm's Hedvig pulled in a $45M Series B for its own millennial-targeted, app-based insurance play in Scandinavia, making this a back-to-back funding window for Europe's neo-insurers rather than an isolated bet.
First-order effects
- GetSafe gets the capital to push its UK expansion past the pilot stage it outlined at Series A, with Germany as the proven home market behind it.
- The extension signals existing investors doubling down rather than new-money validation — the round's size now puts GetSafe in the same funding class as FRIDAY's €75M raise for digital car insurance.
Second-order effects
- Hedvig and GetSafe are now racing on nearly identical theses — mobile-first, millennial-aged policies — so each round pressures the other to buy growth faster or differentiate by geography before their markets overlap.
- Incumbent-adjacent players like Next Insurance, which raised $250M for small-business cover, show the digital-distribution model pulling capital away from traditional broker channels across multiple customer segments.
Third-order effects
- If extended mega-rounds keep funding regional neo-insurers, European insurance consolidates toward a handful of mobile-native brands competing on UX and pricing data rather than agent networks.
- Sustained capital inflow raises the bar for what counts as scale — 250K users was enough for a $93M round here, but later entrants will need multi-market density to clear similar checks.
The trend: European millennial-focused insurtechs are scaling through ever-larger rounds in quick succession, with Germany and Scandinavia as the proving grounds for mobile-first insurance distribution.