Frankfurt a.M. based InsurTech company Covomo has successfully closed a financing round of € 2 million in 2017. In addition to the existing shareholders around Policen Direkt Group, TFH III Technologiefonds Hessen and former EQT Manager Michael Föcking are also participating in this second round of financing.
Covomo with currently just about 20 employees is the leading comparison portal for annex and niche insurance products in Germany. In addition to comparisons for end customers and a professional tool for insurance brokers, Covomo also offers special B2B solutions for situational and on-demand insurance coverage, for example for retailers or online-shops.
Further Focus on Product Range Expansion
With this investment round, Covomo intends to further strengthen its position as the leading comparison portal for annex and niche insurance products in the German market, expanding its product range significantly and pushing ahead establishing the first purely digital managing general agent (MGA) in Germany.
“We are convinced of Covomo’s sustainable business model”, explains Jürgen Zabel, Managing Director of TFH III Technologiefonds Hessen. “The combination of situational, highly specialized insurance coverage and the simplification of brokerage processes in the B2B area promises long-term success.”
Michael Föcking adds: „Covomo is led by a very experienced management team. The shareholders support Covomo with unique expertise in company-building and a highly relevant network. Therefore Covomo is well positioned to establish itself as the leading niche-comparison portal in the German insurance industry.“
Dr. Eberhard Riesenkampff, Managing Director of Covomo, says: “This financing round will enable us to expand our product range, strengthen our team and therefore further increase the pace of growth we have already embarked on.”
