Swiss insurtech startup Toni Digital has secured US$12.5mn in a Series B funding round.
Founded in 2017, the Zurich-based company specialises in digital insurance-as-a-service, offering personal and commercial insurance lines such as motor insurance, payment protection insurance and life cover.
Its insurance-as-a-service offering enables any brand or distribution partner to quickly launch its own white-label insurance programme. TONI covers the entire insurance value chain, meaning the channel partner can focus on selling and marketing the insurance products.
Toni Digital says the latest investment includes a number of existing investors; it last raised 6mn Swiss Francs (US$6.4mn) in a seed round in April 2020.
Money ‘will increase Toni’s scaling capabilities’
Toni Digital’s Philippe Regazzoni says: “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.”
Bernard El Hage, Chief Executive Officer of Toni Digital, continues: “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. In fact, there are not many insurance lines that remain that we are not offering yet.”
And Alexander Sanders, the company’s CTO, adds: “Alongside our business growth, we will continue to increase our scaling capabilities on the technology side by abstracting complexity into configurable no-code/low-code solutions. This enables us to cater to the need of individualisation while using the same technology modules over all products and partners as well as all geographical regions and time zones.”