Simplesurance lands Rakuten backing as funding passes €30m

Japanese web giant Rakuten is making another European investment through its $100m FinTech fund backing insurance e-commerce startup Simplesurance.

Rheingau Founders, Route 66 Ventures and Allianz also participated in the round.

The round takes the Berlin-based company’s funding to more than €30m with the precise size of the new investment undisclosed.

It’s thought to sit around €19m based on the company’s previous funding.

Founded in 2012, Simplesurance provides a cross-selling software solution that allows retailers to offer insurance for items at the point-of-sale.

The company says it already serves 2,000 online retailers and partners with insurance firms such as Munich Re to offer policies.

Simplesurance will use the capital to invest in the product and cement its market position in the 28 countries in which it currently operates.

The company also offers a mobile app that allows users to compare, purchase and manage their insurance policies and access insurance experts to provide guidance on their options.

The deal is just the latest by Rakuten’s FinTech fund in Europe with the Japanese firm’s FinTech investment arm backing London-based Currencycloud’s £20m GV-led round earlier in the month.

March has also seen the firm place bets in online lending platforms Upstart and BlueVine.

It previously led a $10.4m round for Hamburg-based lending and credit history startup Kreditech.

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