The Swiss-based enterprise SaaS company vlot AG creates awareness of personal income and saving gaps and provides seamless workflows to plug in tailored product solutions. To further accelerate market traction and expansion, vlot has closed a CHF 1M pre-Series A financing round, led by Spicehaus Partners (Switzerland) and co-led by SixThirty Ventures (USA).
vlot was founded with the mission to enable families and individuals to make financially responsible decisions. Through B2B partner organizations (primarily insurers, but also brokers, banks and pension funds), vlot helps people to intuitively navigate the jungle of state and employer related social security benefits, and rapidly understand the financial impact of death, disability as well as the lack of adequate retirement funds.
Michael Dritsas, CEO of vlot, says: “At vlot we believe in the importance of life insurance and retirement savings. And we are even more convinced that distribution of life insurance and savings products works best when they are not sold – but bought. Bought by the end-client because his or her coverage needs are clearly displayed, easily understandable, and addressed through the right channel at the right point in time.”
The round was led by Spicehaus Partners and co-led by SixThirty Ventures, with participation of existing private investors that have supported the company since its inception in 2017.
Dr. Teddy Amberg says: “Spicehaus Partners is looking forward to working with vlot. The team has many years of experience in the insurance sector. Their B2B software enables insurers to quickly and automatically identify customer needs, thereby saving costs and increasing premium volumes.”
Samarth Shekhar, Regional Manager EMEA at SixThirty Ventures, adds: “According to a recent study, the average US life insurance policyholder is 74% under-insured: that's ~ $70bn of annual premiums in missed opportunity in the US alone. We are proud to be working with vlot – our third investment in Switzerland within two years – on their path to tackling the massive global protection and old age savings gap at scale.”
This financing round of 1 million Swiss francs will allow vlot to expand the product offering, ramp up sales activities and grow its B2B customer base. Sandro Matter, co-founder of vlot, adds: “I’m very pleased to join forces with a well-known Swiss player such as Spicehaus while also bringing an international and knowledgeable InsurTech investor like SixThirty on board. We strongly believe that they are the right partners to further strengthen our local footprint and accelerate our international growth ambitions.” In addition to the new investment, vlot joined the SixThirty Go-To-Market Program, as one of six participants in the 2020 fall cohort.
As a Venture Leaders Fintech Winner 2019, vlot was part of the Swiss National Startup Team (powered by Venturelab), named a top “5 Swiss InsurTech startup to watch in 2020” (by Venturelab) and selected as one of the top 100 InsurTechs globally in the years 2018 and 2019 (by Digital Insurance Agenda).
Source press release, NOV 2nd, 2020, www.vlot.ch