Zurich-based insurance startup Calingo has closed its seed funding round after raising CHF 1.5 million in capital. Calingo will use the funds to finance the market entry of its new product as well as to scale its existing products.
Calingo developed an innovative B2B2C business model to disrupt the insurance market. Their products are directly integrated into the value chain of the distribution partners with the aim of offering unique convenience to the end customer, wherever the need for insurance arises. Through this integrated model, customers receive personalized risk protection without having to answer any insurance-related questions and the sales partners benefit from increased customer satisfaction and additional revenue.
Anina Lutz, Calingo’s CEO and Co-Founder says, “We need to rethink the way insurance is sold and bought, not only digitise existing processes and products.”
With its first sales partners in the real estate and e-commerce sector, Calingo realized impressive conversion rates of up to 50% with 10 sales partners already on board. This proves that insurance integrated into the right point of need can be sold more efficiently than the traditional insurers or even online insurer do it today. Furthermore, Calingo is convinced that thanks to its state-of-the-art technology and continuously improving its products conversion rates can be pushed even higher.
Besides scaling the existing products, household and bike insurance, and sales channels, more innovative products will follow this year. The fresh funds obtained from the seed round will enable the company to achieve this goal as well as to scale up and enter new market.
Venture Capital firms Venpace, EquityPitcher Ventures and Swiss Founders Fund participated in the round alongside SICTIC and business angels.
“We are excited to announce our investment in Calingo. Already in its early stage, the team has achieved above-average conversion rates with its first sales partners. This shows that the concept of embedded insurance highly appeals to the market when integrated seamlessly into a truly digital customer journey. Together, we want to pave the way to international expansion.” Marnix Roes, Investment Manager at VENPACE.
(Press release)
Please login or sign up to comment.
Commenting guidelines