Digital insurance solution provider ELEMENT has raised €16m in funding after a strong start to 2021.
First time ELEMENT backers Witan Group and Ilavska Vuillermoz Capital joined the round, alongside existing investors finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin, and the European VC Mundi Ventures.
Based in Germany, The company claims to be the country’s sole 100% cloud-based insurance company that offers digital insurance solutions within weeks. Its platform enables insurance firms to create digital services which can meet their specific needs.
Clients can use the platform to offer private liability, home content, private accident, cyber, warranty, third-party driver, young driver, car rental, flight delay, weather, payment protection, leasing and repatriation insurance policies.
The InsurTech completed 2020 with €6.8m in gross written premiums.
After a strong start to 2021, the company has formed ten new partnerships and released several new products, including pet insurance.
ELEMENT CEO Christian Macht said, “We are Germany’s strongest B2B InsurTech in the property and casualty sector. Having just completed the five strongest sales months in the company’s history, our B2B2X-approach has proven to be extremely successful.
“The new investments show that not only our existing investors, but also new investors are convinced of our business model. Therefore, we will continue to follow our strategic approach and intensify the scaling process.”
With the close of the round, the InsurTech has raised a total of €66m in funding. The InsurTech previously raised €10m in its Series A round in August 2020.
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