Engagement — Platform Due Diligence
Code & Co. advises HTGF on its investment in tech11, an innovative core insurance platform
Code & Co. provides Tech & Product DD to High-Tech Gründerfonds on its investment in tech11, focusing on its international scalability and its cloud and on-prem operational functionality.
- Founded in 2018, tech11 grew to over 40 employees in just three years and quickly reached seven-digit sales figures.
- tech11 is positioned to change the market for core insurance software.
- HTGF has around EUR 900 million in total investment volume across three funds.
- Code & Co. led Tech & Product DD for the investor.
Founded in 2018, tech11 combines state-of-the-art technology and industry standards to build a fully comprehensive end-to-end policy and claims administration core insurance platform. From a technical perspective, the tech11 platform covers all private and commercial insurance lines of non-life insurance companies. It consists of a large number of modules that can be independently orchestrated via REST APIs with the help of a BPM engine. Thanks to this process-driven architecture, tech11’s customers are provided with flexible product and process design as well as convenient integration into their existing IT landscape.
Since 2005, HTGF has helped forge more than 600 start-ups. With a team of experienced investment managers and startup experts, it helps guide the development of young companies. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial technology, life sciences, chemistry and related business areas. As of now, external investors like the Federal Ministry For Economic Affairs and Energy, BASF, BAYER, Deutsche Bank, Deutsche Post DHL, and countless others have injected almost EUR 3 billion into the HTGF portfolio via more than 1700 follow-on financing rounds. HTGF has also successfully sold interests in more than 120 companies.
Code & Co.’s assessment of tech11 focused on the changing requirements of the insurance industry as legacy systems are replaced with modern software systems. We also analyzed tech11’s technology and engineering capabilities and the extent to which its platform can ease the transition to a new and future-proof technological basis without immense effort and considerable cost.
This venture is another example of why investors rely on Code & Co. for its diversified expertise in tech investments.