By Patrick Norris.
This week Claimsforce - the most exciting InsurTech I’ve come across - announces its €7million Series A funding round, which I’m proud to say is being led by Notion Capital. I know the DACH fintech and SaaS market pretty well and with a few other of our portfolio companies headquartered in Germany, I was really keen to grow our presence there. So when the opportunity to lead the funding round came about, I was very keen to get Notion Capital involved.
We met the Claimsforce team about 1.5 years ago and we started to work together around the same time, although we hadn’t yet invested at that stage. Initially, I was very impressed with the team, their technology and vision to digitise the claims management process for large global insurers, which have traditionally been slow at adopting newer technologies. We started out helping Nils and his team by inviting them to various different events run by our Platform team, giving them guidance and access to our SaaS experts while they developed the product and go-to-market strategy. A good relationship developed between us and we became very interested in deepening the relationship by leading their next investment round.
Nils, the founder of the business, is one of the most extraordinary people in insurance, with a pretty unrivalled skillset. There’s nothing he doesn’t know about the insurance sector, so it’s been fascinating to work with someone so knowledgeable in his field and watch him bring a truly disruptive platform to fruition. Our confidence in Nils, Bastian and his team is another reason why we are the lead investor in their Series A funding round.
The funding will allow the team to create a very sophisticated claims management platform combining AI and machine learning, supplemented by an increasing number of data points, to change the way that claims are both managed and settled. Insurers and their third party associates will be able to use Claimsforce to give more accurate claims pricing estimates, be able to settle claims faster and more efficiently, and over time, use AI to create more predictive models. All of this will make for a more streamlined and frictionless user experience for an insurer’s customers, which is key for insurers as they look to shake up the traditional way of doing things.
I was really impressed with Claimsforce’s vision for creating a platform that can dramatically change an established, but often outdated sector. The company’s massive growth potential is what made me invest and I look forward to working closely with Nils and the team over the coming years. They already have a number of global clients and I can only see this growing number as the technology gets better and better.
Why Notion? A note from the Founders
Meeting the Notion Team way before the actual investment round was an excellent experience from the first moment onwards. We decided to work with Notion predominantly because of their genuine interest in what we’re building at Claimsforce and because they give us confidence they will be a partner we can rely on whilst we build a category leading software firm. This is very important for us, since we are very strong believers in working at eye level with our investors.
We were also very much impressed by the enormous expertise that Notion brings to the table in the B2B Software space. The approach of supporting their portfolio companies through a dedicated platform team highly convinced us. The access to leading knowledge and sparring partners in relevant fields (e.g. HR, Product, Tech) is absolutely outstanding from our perspective.
Find out more
Nils Mahlow, Founder and CEO at Claimsforce, speakers to Handelsblatt about the recent fundraise. Read here.