Target Partners invests €2m in Finanzchef24

The GP knew both of the investors and the two founders, and started working on the deal in July 2012. Initial financing was made in August and the round was finalised at the end of last year.

According to Target Partners, Finanzchef24 can benefit from a gap in the local insurance market: the private insurance market is saturated in Germany, but not the online private insurance market.

The new capital will be used for building the website and software, as well as online marketing. Target Partners is planning a series-B funding round by the end of the year.

Previous funding
Finanzchef24 has been backed by Robert Haselsteiner and Marcus Wolsdorf, the founders of Interhyp AG, since its inception. Their investment company, HW Capital, began investing in Finanzchef24 at seed stage.

Company
Munich-based Finanzchef24 is an online insurance and banking product marketplace. It is advertised as Germany's first financial services portal using a direct marketing model to target small businesses and self-employed individuals.

The company sells commercial insurance, among other products, directly to its target group through its own website and an auxiliary telephone hotline. Finanzchef24 was founded in 2012.

People
Waldemar Jantz is a partner at Target Partners. Hendrik Rennert and Felix Schollmeier are the co-founders and managing directors of Finanzchef24.

Advisers
Equity - Reed Smith, Justus Binder (Legal).
Company - P+P Pöllath + Partners Rechtsanwälte Steuerberater, Christian Toenies (Legal); Hogan Lovells, Nikolas Zirngibl (Legal).

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