Cachet, a Tallinn-based InsurTech broker specialising in insurance for Europe’s platform economy, has raised fresh capital led by Nordic investor Spintop Ventures, bringing its total funding to around €11m as it looks to expand its adaptive insurance offering.
Spintop Ventures led the round, with existing investors Truffle Capital and Icebreaker.vc also participating. Cachet will use the funding to develop its products and expand its sales team, while adapting its offering to new forms of platform-based work, including employer-of-record arrangements. The company is also preparing its platform for the arrival of autonomous vehicles on European roads.
The investment comes as ride-sharing, micromobility and gig economy platforms increasingly require insurance that reflects how their businesses operate. Traditional policies are often priced annually and arranged separately in each country, despite exposure changing with individual journeys and vehicle use.
Cachet provides insurance tailored to how people work and vehicles are used, integrating cover into platform operators’ systems and managing policy administration and claims. Established insurers continue to underwrite the risks.
The company has more than doubled in size year on year and recorded its first full year of positive EBITDA in 2025. It operates across multiple segments in the 16 European countries where it is licensed, with partners including Bolt, Voi, Ryde and Turo. Since launching, Cachet has covered close to 2bn minutes of mobility, with more than 310,000 assets on its platform.
Founded in 2018 by Hedi Mardisoo and Kalle Palling, Cachet describes its offering as adaptive insurance infrastructure for the platform economy. Its model combines flexible cover with tools intended to reduce losses over time, using operational data to reflect changing exposure.
The company aims to establish adaptive insurance as a standard for emerging mobility and work models, including shared and autonomous vehicles, distributed work and AI-related liability. After establishing its position in the Nordic markets, it plans to expand into further European countries. The investment is Spintop Ventures’ first in Estonia. The firm backs early-stage, software-driven technology companies across the Nordic region.
Cachet CEO and co-founder Hedi Mardisoo said, “We are building the adaptive insurance infrastructure for what comes next, from shared and autonomous vehicles to distributed work and AI liability. We’ve built a strong foothold, supporting over 50 platform economy partners to control their risk and reduce their losses. With this round, Cachet is ready to accelerate and become the insurance partner for these new markets.”
Spintop Ventures partner Erik Wenngren added, “There is a lot of noise right now from insurance start-ups burning capital to buy growth at high valuations. Cachet has taken the opposite route: build the infrastructure, reach profitability, then raise to go further and faster. What they have built so far, and their ambition for the next step, made them the right choice for our first investment in Estonia.”
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