Spanish InsurTech startup Elma closes €3m Series A round led by Mangrove Capital Partners

Digital health InsurTech Elma has closed a €3m ($3.2M)Series A round to expand its offering in its native Spain.

Mangrove Capital Partners, the investment firm, led Elma’s new round. It has previously supported Divido’s $3.3m round and WalkMe’s $50m Series F round.

Other investors supporting Elma’s latest round included Antai Venture Builder (AVB), Arroba Capital, and US VC Joyance Capital Partners, according to TechCrunch.

The company provides a mix of digital healthcare tools that can be accessed via an app and is hoping to disrupt the traditional health insurance industry by offering better digital tools and services. Those services include a telehealth service that enables clients to talk with a doctor over a video call and chat.

Elma is not the only health-based InsurTech company to have raised money recently. Employee health insurance app yulife bagged $10m in its Series A round in March. And in May, SunhedsGruppen A/S was bought by AnaCap Financial Partners.

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