Tuesday, July 19, 2022
HomeInsurance LawGerman insurtech ELEMENT obtains €21.4m in new funding spherical

German insurtech ELEMENT obtains €21.4m in new funding spherical

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Germany-based insurtech agency ELEMENT has secured €21.4m ($21.7m) in a brand new sequence B funding spherical, bringing the full quantity raised by the corporate to €88m.

Versorgungswerk Zahnärztekammer Berlin (VZB) led the most recent spherical, which additionally noticed the participation of Alma Mundi, Witan Group and Ilavska Vuillermoz Capital.

ELEMENT intends to make use of the freshly secured capital to spice up its market place in addition to incorporate new product classes into its present portfolio.

The corporate additionally reported reaching its greatest year-to-date (YTD) consequence ever.

ELEMENT CEO Christian Macht stated: “It’s this profitability on each product and associate degree that may show essential within the years forward.

“Yr after yr, we’re seeing a 66% enhance in income and are properly on our method to reaching our objective of 100% development by 2022.”

Macht added: “Most significantly, we’ll proceed to pursue our long-term objective of eliminating billions of {dollars} in pointless prices within the European insurance coverage market.”

Final yr, the corporate’s gross sales elevated to €10.4m, a 50% bounce in comparison with the earlier yr’s figures.

With greater than 50 companions and a workforce of 140 workers, ELEMENT at the moment serves roughly 200,000 clients.

The corporate additionally stated that it’s working as a danger provider in numerous European Union (EU) nations.

VZB director Ralf Wohltmann stated: “We invested at an early stage of the corporate’s growth and see Factor’s development and innovation as a affirmation of their dedication to set requirements within the trade, each on the product facet and of their ESG efforts.”

Final yr, ELEMENT acquired €16m in funding from each present and new buyers to assist speed up its development.

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