MCI.EuroVentures acquires Hungarian insurtech market leader Netrisk.hu
MCI Group is strengthening its position as a leading technology fund in the region. Netrisk is a leading Hungarian online insurance broker. The Hungarian non-life insurance market is valued at EUR 1.5 billion, of which 20% is generated online. Netrisk is the market leader, responsible for about 30% of online insurance.
“Netrisk is a leading online insurance broker, operating in the one-stop-shop model, with potential for further dynamic development. The key growth drivers consist of favorable market conditions, continued shift of consumer shopping habits from offline to online, as well as the company’s strong position and expertise in the insurance sector. Our Fund, based on years of experience in digital companies development, will actively support Netrisk’s value creation. The company is already a recognizable brand in Hungary with a loyal customer base’’, said Krzysztof Konopiński, Partner at MCI Capital, responsible for leading the transaction.
As stated by Łukasz Wierdak, who is responsible for Fintech investments at MCI: Netrisk is not only the Hungarian market leader in the dynamically growing online segment of insurance products distribution (including MTPL, CASCO, home insurance, as well as travel insurance). The company has also built a marketplace for banking products and telecom offerings and we also see a significant upside potential in further development of these segments. Moreover, Hungary is one of the most developed markets when it comes to online distribution of insurance products in CEE, which makes a solid basis for building a regional champion in the segment.
Netrisk is the 7th company from the fintech/insurtech segment in MCI’s portfolio and the 2nd online broker of insurance products. In 2015, through an investment of Internet Ventures fund (MCI VC arm), MCI became a shareholder of a Polish company – mfind. Other insurtech/fintech companies in the portfolio include: Marketinvoice, iZettle, Dotpay/eCard, Azimo and NaviExpert.