Germany-based InsurTech Hepster has reportedly raised $10m in its Series A round, which was led by Element Ventures.
Other commitments came from Seventure Partners, MBMV and GPS Ventures, according to a report from TechCrunch.
Capital from the round will be used to increase the reach of its insurance ecosystem, deepen its network and enhance automation capabilities.
The company offers a mobile app enables consumers to find the right coverage for them across different categories, tariffs and terms. Users can compare policies for bike, electronics, sports equipment, travel, basic and more.
Through the mobile app, a user can also manage their policies and complete claims processes.
Element Ventures partner Michael McFadgen told TechCrunch, “As new industries and business models emerge, companies need much more flexible insurance propositions than what is currently being offered by traditional brokers.
“Hepster is the breakout company in the space, and their focus on embedded insurance will pay dividends in years to come.”
Last week, fellow InsurTech company Symbo closed a $9.4m funding round. The company, which is based in Singapore, enables consumers to find and buy the right insurance products.
Despite market uncertainties caused by the coronavirus pandemic, the InsurTech sector witnessed an increase in total global funding last year. A total of $6.2bn was invested through 323 transactions, an increase from the $6bn raised through 272 deals in 2019.
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