Schoenherr has advised Austrian insurtech start-up bsurance on its Series-A financing round. The investment totals EUR 4 million and was provided by UNIQA Ventures GmbH — advised by EY Law — and an additional investor.
The financing round consisted of the issuance of new shares, the conversion of a convertible loan into equity (in case of UNIQA Ventures) and a secondary share purchase from an existing shareholder.
Founded in November 2017, bsurance specializes in B2B2C business models in the insurance sector. According to Schoenherr, "the start-up focuses on the implementation of tailor-made insurance products directly into the sales channels of companies with a large client base or transactions. The Digital Insurance Agenda industry conference has recently ranked bsurance among the top 100 most promising insurtech start-ups in Europe."
"The already existing strategic partnerships with UNIQA Insurance Group AG and Munich Re demonstrate bsurance's promising position in the insurance landscape," Schoenherr reports. "The Series-A financing will allow the company to advance its expansion in Europe."
The Schoenherr team consisted of Partner Thomas Kulnigg and Associates Clemens Gaugusch, Sascha Smets, and Maximilian Nutz.
The EY Law team consisted of Attorney-at-Law Wolfgang Eigner and Associate Martin Hanzl.