Berlin-based digital car insurance startup FRIDAY secures €114 million in a combination of equity and media-for-equity financing
Berlin-based insurtech startup FRIDAY has raised €114 million in a combination of media-for-equity and equity financing. Of the total, €39 million is from a media-for-equity deal with SevenVentures and the media investor German Media Pool, while the Baloise Group, FRIDAY’s founder and majority shareholder, is investing an additional €75 million in the company.
FRIDAY offers innovative, digital car insurance with features like kilometer accurate billing, monthly terminability, and completely paperless administration. The startup has acquired over 45,000 new customers for its car coverage since it was founded in 2017, and aims to be Germany’s most popular digital insurer by 2021. The investment round will stimulate future growth and support further product development.
“The media-for-equity investment from new investors shows that, at FRIDAY, we are connecting with the spirit of the times,” said Baloise Group CEO Gert De Winter. “Our customers want simpler insurance products, and together with our new investors, we will make sure that a wide range of customers will be enthusiastic about our simple insurance solutions.”
The digital insurer has been working together with the ProSiebenSat.1 media group and media companies that are part of the German Medial Pool for two years. SevenVentures will make it possible for FRIDAY to publicize its insurance products with a far-reaching effect and target group-specific advertising environments of the ProSiebenSat.1 Group, while German Media Pool will bring together media companies in the television, radio, out-of-home and print categories for FRIDAY.
“By opening up FRIDAY to new investors, we’re taking the next step with partners that FRIDAY knows well and to assist in scaling,” said FRIDAY CEO Christoph Samwer. “We’re pleased to have enlisted these trusted partners as investors.”
“An investment in the digital insurance product area offers considerable potential,” Florian Pauthner, CEO at SevenVentures. “FRIDAY has achieved significant success in a multi-billion euro market in the shortest time. With its customer-oriented product development, the team modernizes processes and optimizes the customer experience. We are convinced that with our media investment and extensive experience we will build the brand rapidly, gain market confidence and further drive FRIDAY’s growth. The initial TV campaigns have shown good results.”