Insurtech startup grape raises CHF 1.7 oversubscribed pre-seed round

Less than one year since its founding, insurtech startup grape has raised CHF 1.7 million in its pre-seed round led by Wingman Ventures. The startup provides digital employee insurance to enterprise customers and will use the funds to expand its offering and the team.

Founded in November 2021 by Gregory Inauen and Fabian Mächler, grape Insurance AG built a software product that allows customers to automate various tasks to reduce administrative work, such as claiming, reporting, and payroll adjustments.

Grape aims to make insurance processes as streamlined and efficient as possible in its industry. The group insurances for health, accident and life reached a market of over $5tn in 2021. While few giant companies dominate the industry, many still rely on manual processes through paperwork and phone calls, leading to delays, mistakes and non-transparency. The Zurich-based Insurtech uses technology to provide a simple and better solution to all of these problems and inefficiencies and prevent them in the first place.

The startup has obtained its insurance license as an MGA in record time. It has built over 20 integrations into different HR tools, which can be synced within seconds with its platform. All the employees covered with grape can access a wide range of benefits, coaching and therapy sessions to improve their physical and mental health. Since launching in May this year, the startup works with a dozen of customers.

“Grape is the first employee insurer built around a full-stack technology platform and a relentless focus on being more than just an insurance”, says Gregory Inauen, Co-founder of grape.

The ETHZ startup has raised a CHF 1.7 million oversubscribed pre-seed financing round to fuel its growth and expand the product. Alongside lead investor Wingman Ventures, the round saw participation from the FinTech funds Tomahawk.VC and DD Venture Capital. The funds will allow the company to expand its digital insurance product and grow the team. Currently, 13 people work at grape.

Beyond insurance, the startup seeks to become a health partner that supports the team’s mental and physical well-being in a way that will prevent leaves, burnout, and lost costs.

(Press release/RAN)