German company Insurtech ELEMENT raises $ 19.5 million for further growth
ELEMENT, the Berlin-based white label provider of digital insurance solutions, has raised 16 million euros (US $ 19.5 million), as an additional investment from existing and new investors.
The additional capital will be used to continue the growth of the business.
With the latest funding round, the total investment in insurtech ELEMENT amounts to 66 million euros ($ 80.3 million), just four years after its creation.
The new investors are investment company Witan Group and Luxembourg fintech investor Ilavska Vuillermoz Capital, both investing in ELEMENT for the first time. Existing investors who participated in the funding round include finleap, VC Signals, Versorgungswerk der ZahnÃ¤rztekammer Berlin and European VC Mundi Ventures.
âWe are Germany’s most powerful B2B insurtech in the P&C sector. After completing the strongest five months of sales in the company’s history, our B2B2X approach has proven to be extremely successful, âcommented Dr Christian Macht, CEO of ELEMENT.
âThe 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 process of scaling up, âhe added.
ELEMENT reported â¬ 6.8 million (US $ 8.3 million) in gross written premiums in 2020.
ELEMENT Insurance AG is a fully cloud-based insurtech, licensed by the German Federal Financial Supervisory Authority (BaFin) as a direct insurer for non-life insurance, which enables it to act as a risk carrier in all EU countries. The company is completely independent and serves the industry without group membership restrictions.
The company offers a variety of property and casualty products – from more traditional coverages such as home and private liability to innovative products such as parametric weather insurance. ELEMENT works with more than 30 partners from the insurance industry, telecommunications providers and the automotive industry. In the first quarter of 2021, ELEMENT entered into 10 new partnerships with companies from different sectors.
During the first quarter, several new products were introduced to the market, including pet health insurance.
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