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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 collection B funding spherical, bringing the whole 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 attaining its finest year-to-date (YTD) end result ever.

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

“Yr after 12 months, we’re seeing a 66% enhance in income and are effectively on our technique to attaining our purpose of 100% development by 2022.”

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

Final 12 months, the corporate’s gross sales elevated to €10.4m, a 50% bounce in comparison with the earlier 12 months’s figures.

With greater than 50 companions and a workforce of 140 staff, ELEMENT at present serves roughly 200,000 clients.

The corporate additionally mentioned that it’s working as a threat service in varied European Union (EU) nations.

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

Final 12 months, ELEMENT obtained €16m in funding from each present and new traders to assist speed up its development.

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