FRIDAY, Germany’s leading digital 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 investing together 39 million euros.
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. Baloise Group CEO Gert De Winter is delighted: “The Media-for-Equity Investment from new investors shows that, at FRIDAY, we are connecting with the spirit of the times. 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.”
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. FRIDAY aims to be Germany’s most popular digital insurer by 2021.
SevenVentures makes it possible for FRIDAY to publicize its insurance products with far-reaching effect and target group-specific advertising environments of the ProSiebenSat.1 Group. German Media Pool 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 are part of the German Medial Pool for two years. “By opening up FRIDAY to new investors, we’re taking the next step with partners that FRIDAY knows well and to assist in scaling. We’re pleased to have enlisted these trusted partners as investors,” said FRIDAY CEO Christoph Samwer.
Florian Pauthner, CEO SevenVentures: “An investment in the digital insurance product area offers considerable potential. 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.”
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.”
FRIDAY consistently focuses on customers’ desires for lightheartedness, simplicity and joy in living, and creates an excellent digital experience. 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.