raisin, the neo-insurer for employee insurance, raised 1.7 million Swiss francs in a pre-seed funding round to expand its digital insurance product and grow the team. The round is led by Swiss venture capital firm Wingman Ventures, with participation from FinTech funds Tomahawk.VC and DD Venture Capital.
The varietal startup Insurtech provides its own digital insurances for employees to corporate clients. Their insurance is bundled with a B2B SaaS product that allows policyholders to save time in managing their coverage and claims. Additionally, Raisin is the first insurer to directly reinvest in preventative services supporting the health of their clients’ employees through benefits and paid therapy sessions.
Founded in November 2021 by Gregory Inauen and Fabian Mächler, the grape obtained its insurance license as an MGA in record time. Today, startup ETHZ raised an oversubscribed CHF 1.7 million pre-seed funding to fuel its growth and expand the product. The round is led by Wingman Ventures with participation from FinTech funds Tomahawk.VC and DD Venture Capital.
“grape is the premier employee insurer built around a comprehensive technology platform and a relentless focus on being more than just insurance,”
says Gregory Inauen, co-founder of Grape.
Grape’s software product allows its customers to enable a variety of automations that reduce administrative work, such as for claims, reports, and payroll adjustments. So far, grape has built over 20 integrations into different HR tools that can be synced in seconds with their platform. All grape-covered employees can access a wide range of benefits, coaching and therapy sessions to improve their physical and mental health.
Lukas Weder, founding partner of Wingman Ventures says:
“The Insurtech world is still in its infancy. However, the insurance sector is one of the largest industries in the world that is now showing clear signs that massive new businesses may emerge. Grape’s approach to fully digitizing and automating the underwriting and claims process by integrating its technology into its customers’ processes is precisely what insurance customers expect from the next generation of insurance products.
Group health, accident and life insurance reached a market size of over $5 billion in 2021. But it’s also an industry ripe for disruption – a few massive insurance giants dominate the benefits employees of most companies, and they are the main competitors of grapes. The big giants lag considerably behind. Much of the work in this industry is still done manually, through paperwork, phone calls, leading to delays, errors, and a lack of transparency. Traditional insurers are not only wasting time and money managing their work stoppage policies, accident claims and pension plans, but through all these manual processes, they are also missing data to improve their underwriting. and focus primarily on fighting claims rather than preventing them in the first place. .
Zurich-based Insurtech uses technology not only to provide an easy and better solution to all these problems and inefficiencies, but also to prevent them in the first place. De facto, the startup aims, on the one hand, to make insurance processes as simple and efficient as possible and, on the other hand, if not most importantly, to go beyond insurance and to be a health partner who supports the mental and physical well-being of the team in a way that will prevent time off, burnout and lost costs. With technology at its heart, Grape embarks on a mission to reinvent employee insurance.
Featured image credit: From left to right: Noel Walter, Mirko Hess, Jack Wilkinson, Fabian Mächler, Nico Hänggi, Pascal Küng, Gregory Inauen, Ardennes Ornati (Image credits: Nicolas Küng)