Cyprus-based digital insurance company Hellas Direct has received an increased equity stake from Portag3 Ventures.
The firm has purchased the minority stake which was held by Third Point, for an undisclosed amount.
As part of this increased investment, Portag3 CEO Adam Felesky and partner Hélène Falchier will join the Hellas Direct board of directors.
Hellas Direct is a car and property insurance platform which uses AI technology to provide consumers with better prices and more transparent policies. The platform claims to solve 50 per cent of claims within 48 hours.
There is a wide variety of cover available including road assistance, damage from uninsured vehicles, personal accident, bodily injury, theft, fire and natural disasters, among others. Consumers wishing to get home insurance can purchase policies for the amount of days they need and protect their property and contents.
In addition to insurance, Hellas Direct offers online loans ranging from €1,500 to €40,000 over repayment terms starting from six months up to 84. These credit lines have an annual interest rate of 11 per cent and can be taken from a 0 per cent deposit.
The capital from the new investment will be used to support the InsurTech’s long-term strategic goals and implement a more aggressive strategy in the region.
Hellas Direct executive director Emilios Markou said, “We are excited that Portag3 will deepen its involvement by becoming larger shareholders and increasing their participation in our operations.
“We aim to leverage Portag3’s network of global LPs, who administer more than $1-trillion of assets in insurance, banking, and personal finance, to catapult us to new heights. Over the next few months, we will announce a number of strategic initiatives, expand our regional footprint and broaden our consumer offering.”
The company previously raised €7m in its Series B round last year, with Contributions coming from IFC, Portag3, Third Point, Endeavor Catalyst, and others.
Copyright © 2019 FinTech Global
