Zurich-headquartered startup TONI Digital has secured $12.5 million in a Series B funding round.
The company is a digital insurance-as-a-service provider, offering personal and commercial insurance lines such as motor insurance, payment protection insurance, and life solutions on top of its market-leading insurance technology platform. The company primarily pursues a B2B2C approach, working with leading retail and insurance brands as well as brokers on the distribution side.
The round was led by a consortium of distinguished investors and included the participation of existing investors, who continue to believe in the success and growth of the company.
Based on previous press releases, Postfinance, as well as Credit Suisse, were some of the early investors. In May 2021 TONI announced a partnership with Migros.
“The funding is a clear manifest of the filled pipeline of new distribution partners, the continued growth, as well as the attractiveness of TONI’s business model. The demand for digital, embedded and specialised high-value insurance programmes and solutions will further grow to serve customer’s expectations and demands.”
says Philippe Regazzoni, Director of the board.
Featured image: Bernard El Hage, Chief Executive Officer of TONI Digital, background image edited from Freepik
