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.”
FRIDAY , a Berlin - based motor cover insurtech , has invested € 114 m ( $ 110 m ) through a combination of equity and media - for - equity financing . The company 's platform offers cost - accurate billing , monthly terminability and paperless administration to the more than 45,000 customers worldwide since 2017 . The funding round includes input from Seven Ventures and German Media Pool , while FRIDAY 's majority shareholder and founder , Baloise Group , is investing a further € 75 m . The media - for - equity deals will enable FRIDAY to publicise its products using the ProSiebenSat.1 platform and companies within the German Media Pool .