ELEMENT, the Berlin-based white-label provider of digital insurance solutions, has raised €16 million (US$19.5 million), in additional investment from existing and new investors.
The additional capital will be used to continue the company’s growth.
With the latest funding round, total investment in the insurtech ELEMENT comes to €66 million ($80.3 million), only four years after its inception.
New investors are the investment firm Witan Group and Luxembourg-based fintech investor Ilavska Vuillermoz Capital – both investing in ELEMENT for the first time. Existing investors that participated in the financing round include finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin, and the European VC Mundi Ventures.
“We are Germany’s strongest B2B insurtech in the property/casualty sector. Having just completed the five strongest sales months in the company’s history, our B2B2X-approach has proven to be extremely successful,” commented Dr. Christian Macht, CEO of ELEMENT.
“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,” he added.
ELEMENT reported €6.8 million (US$8.3 million) in gross written premiums in 2020.
ELEMENT Insurance AG is a fully cloud-based insurtech, holding a license from the German Federal Financial Supervisory Authority (BaFin) as a direct insurer for non-life insurance, which permits it to act as a risk carrier in all EU countries. The company is completely independent and serves the industry without restrictions of any group affiliation.
The company offers a variety of property/casualty products – from more traditional covers such as household and private liability to innovative products such as parametric weather insurance. ELEMENT works with over 30 partners in the insurance industry, telecommunication providers and automotive sector. In the first quarter of 2021, ELEMENT has entered into 10 new partnerships with companies from different industries.
During the first quarter, several new products were brought to market, including a pet health insurance.
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