Zurich-based startup TONI Digital has secured 12 million Swiss francs in a Series B financing round. The company is a digital insurance-as-a-service provider that offers insurance solutions for consumers and businesses based on its technology platform. The solutions so far cover, among other things, car insurance, personal liability, household contents and payment protection insurance. The company primarily takes a B2B2C approach, working with leading retail and insurance brands and brokers on the distribution side.
The financing round includes participation from new investors as well as existing investors who continue to believe in the success and growth of the company. "The financing is a clear indication of TONI's continued growth and the attractiveness of its business model. The demand for digital and integrated insurance solutions will continue to grow in order to meet customers' expectations and requirements," says Philippe Regazzoni, Chairman of the Board of Directors.
"We would like to thank our investors for their continued support and confidence in our team and vision. We plan to use the proceeds from this financing round to expand our technology platform and launch several new insurance programs and products, as well as to enter new European markets. We will expand our team in sales, underwriting/actuarial and technology," said Bernard El Hage, CEO of TONI Digital.
"In parallel with our business growth, we will continue to expand our scaling capabilities on the technology side by abstracting complexity into configurable no-code/low-code solutions. This allows us to meet the need for customization while using the same technology modules for all products and partners, as well as for all regions and time zones," said Alexander Sanders, CTO at TONI.
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