InsurTech startup ELEMENT has bagged an additional €10m for its Series A round, which it initially closed back in 2018.
The company previously ended its Series A investment round in 2018, netting €23m from SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and Alma Mundi Ventures.
This fresh Series A capital was supplied by SFV • GB, Sony Financial Ventures, Global Brain and other existing backers such as finleap, Versorgungswerk Zahnaerztekammer Berlin and SBI Investment.
Berlin-based ELEMENT sees itself as a leading white-label product factories for insurance and a leader in insurance digitalisation. Its platform enables insurance firms to create digital services which can meet their specific needs.
It can empower a company to offer private liability, home content, private accident, cyber, warranty, third-party driver, young driver, car rental, flight delay, weather, payment protection, leasing, repatriation insurance policies, as well as the ability to create something else.
The company said it ended 2019 with a gross written premium of €4.3m and it has already surpassed this figure in 2020.
ELEMENT CEO Christian Macht said, “Recently, the Covid-19 pandemic has again proven the strength of our business model. After a very successful 2019, the coronavirus lockdown has only affected us for a short while. We closed both June and July with record numbers.”
“This strength is acknowledged by our investors also in this round extension. Hence, we will continue to scale with existing and new partners.”
Fellow German InsurTech starup Claimsforce recently closed its Series A round, pulling in €7m to help international expansion efforts.
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