FRIDAY, a Berlin-based insurance company, has completed a round of financing. SevenVentures, the financial investor of ProSiebenSat.1 Media SE and the media investor German Media Pool are both investing up to €39 million.
The Baloise Group (FRIDAY’s founder and majority shareholder) is also investing €75 million euros. The investment round will stimulate future growth and support further product development.
Equipped with a European insurance license, FRIDAY offers innovative insurance products. The Berlin-based team has acquired over 45,000 new customers for its car coverage since it was founded in 2017.
SevenVentures’ involvement allows FRIDAY to ramp up publicising its insurance products, while the involvement of ProSiebenSat.1 Group. German Media Pool allows them to target group-specific advertising environments of the brings together media companies in the television, radio, out-of-home and print categories for FRIDAY.
The digital insurer has been working together with the ProSiebenSat.1 media group and media companies that part of the German Media Pool for two years.
Baloise Group CEO Gert De Winter said:
“The Media-for-Equity Investment from new investors shows that, at FRIDAY we are connecting with the spirit of the times.”
Gert opines that customers want simpler insurance products, and the new investments will allow FRIDAY to offer a wide range of these simplified products.
Aljoscha Kaplan, Managing Director German Media Pool:
“The time is right to get in. Digitalization is currently changing consumer behavior in insurance, and offers unique opportunities for new insurance products. The FRIDAY team has shown that it can create innovative products and successfully place them on the market.”
“Features like kilometer accurate billing, monthly terminability, and completely paperless administration make the product stand out. This was acknowledged by the Warentest Foundation, Auto Zeitung and Autobild with the Testsieger 2018 award,” he concluded.
Featured image credit: FRIDAY