TONI Digital has secured fresh capital in the amount of 12 million Swiss francs after closing a Series B financing round. According to a press release, both existing and new investors took part in the financing round. Back in April 2020, Credit Suisse and PostFinanceinvested a total of 6 million Swiss francs in TONI Digital.
Founded in 2017 in Zurich, the company operates in the form of a digital Insurance-as-a-Service provider. Together with partners including PostFinance, Migros and the Graubünden health insurance fund ÖKK, it develops white label solutions for its clients to use as proprietary insurance plans. According to the information in the press release, TONI sees itself as an orchestrator within the insurance value chain and works with external risk carriers such as MunichRe, Helvetia, Vaudoise, among others.
With the gross proceeds raised from this financing round, TONI Digital is planning to “leverage our cutting-edge technology platform and to launch multiple new insurance programs and products, as well as to enter new European markets”, explains Bernard El Hage, CEO of TONI Digital, in the press release. Moreover, the sales, underwriting and engineering team will be expanded as well.
According to CTO Alexander Sanders, the technology will continue to be scaled at the same time. “This enables us to cater to the need of individualization while using the same technology modules over all products and partners as well as all geographical regions and time zones”, he comments. mm
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