Helvengo, a Zurich-based insurtech company focused on small and mid-size enterprises (SMEs) has secured over CHF 4.2 million in a seed financing round.

The round was led by TX Ventures, the VC arm of Swiss media company TX Group, which is further expanding its fintech portfolio.

Postfinance Ventures, Seed X, Hypoport, Anamcara Capital, Plug and Play, Conny&Co and various business angels had also joined the funding round.

The company will use the new funds to further develop its products in Switzerland and expand into Germany.

Helvengo’s individual and tailor-made insurance products are aimed specifically at entrepreneurs, startups and SMEs and address several challenges that companies face when it comes to insurance.

After creating a risk analysis, Helvengo automatically compiles offers for professional liability, cyber as well as directors and officers (D&O) insurance.

The company is also offering legal protection insurance which was developed in cooperation with Coop Rechtsschutz.

Vedran Pranjic, Co-founder of Helvengo said,

“We offer SME the opportunity to analyse and cover their risks in just a few minutes.

 

With this approach, we are making the market for corporate insurance more digital, more transparent and more cost-effective. “

Krzysztof Bialkowski, Investment Director at TX Ventures said,

“We are convinced that Helvengo has great potential to revolutionise SME insurance in Switzerland and abroad with its innovative business model, experienced team and ecosystem approach.

 

Therefore, Helvengo is another important asset for our existing fintech portfolio, which we will continuously expand with CHF 20 million annually,”

The media mammoth had accelerated its push into consumer fintech last year by leading the CHF 5.5 million Series B financing round of crowdlending platform Lend.

TX Ventures had also took point in the the Series A funding round of Selma Finance, a Swiss-Finnish startup operating a regulated digital financial advisory platform.