tech11 receives million-dollar investment to revolutionize core insurance industry
Würzburg-based technology company tech11, which offers a digital platform for policy and claims management, secures a seven-figure investment as seed financing from High-Tech Gründerfonds (HTGF). The technology platform supports all necessary core insurance processes in property insurance and is already being used by major insurers.
According to various industry experts, half of all German property and casualty insurance companies will replace existing legacy systems with modern software in the next few years to meet the changing requirements of digitization. However, the standard software already available on the market usually has an outdated technology core itself, so that insurance companies today can only switch to a new and future-proof technological basis with immense effort and considerable cost.
tech11 was founded in 2018 by Pierre Dubosq and Matthias Reining, who both have over 20 years of experience in the German-speaking and European insurance industry. Using state-of-the-art technology and industry standards, tech11 built a fully comprehensive end-to-end policy and claims administration platform on the greenfield. Thus, it was able to win well-known customers such as ERGO in a very short time.
The investment by High-Tech Gründerfonds validates this chosen path.
HTGF’s investment underlines the growing pressure to innovate in the insurance industry and the associated enormous potential for modern technology platforms in the area of core systems.
Pierre Dubosq, Co-founder and Managing Director of tech11
The tech11 Insurance platform is considered a leading technological platform on the market, is internationally scalable and can be operated both in the cloud and classically on-premises. From a technical perspective, the platform covers all private and commercial insurance lines of non-life insurance companies.
Our platform consists of a large number of modules that are independent of each other and can be orchestrated via REST APIs with the help of a BPM engine. This process-driven architecture allows our customers flexible product and process design as well as convenient integration into their existing IT landscape.
Matthias Reining, Co-founder and Managing Director of tech11
We were convinced by the combination of an impressive founding team with outstanding market knowledge and a technically superior solution for a large market with a significant investment backlog. tech11 will change the market for core insurance software, as providers like mambu did for the core banking segment.
Dominik Lohle, Investment Manager of HTGF
About tech11 GmbH
tech11 was founded in 2018 by Pierre Dubosq and Matthias Reining in Würzburg, Germany. The company grew to over 40 employees already in its third year of existence and reached seven-digit sales figures in a short time. Last year, a branch office was already opened in Cologne, and more are to follow this year to be able to hire future employees at multiple locations.
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven start-ups. With around EUR 900 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 600 start-ups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial technology, life sciences, chemistry and related business areas. To date, external investors have injected almost EUR 3 billion into the HTGF portfolio via more than 1,700 follow-on financing rounds. HTGF has also successfully sold interests in more than 120 companies.
Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, KfW Capital, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Bank, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, FOND OF, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.
High-Tech Gründerfonds Management GmbH
Stefanie Grüter, Head of Marketing & Communications
T.: +49228 – 82300 – 188
High-Tech Gründerfonds Management GmbH
Dominik Lohle, Investment Manager
T.: +49 22 882 300 182