InsurTech Element has scored €21.4m in a Series B round headed by the Versorgungswerk Zahnärztekammer Berlin.
The round also saw participation from Alma Mundi, Witan Group and Ilavska Vuillermoz Capital. To date, Element has raised a total of €88m.
According to Element, the current investment round underlines the continuous growth of the firm. Last year, the business’ sales rose to €10.4m – an increase of over 50% compared to the year prior.
The company is now acting as a risk carrier in several EU markets and is continuing to expand its position as a leading pan-European provider of fast, efficient and reliable end-to-end insurance solutions.
Element CEO Christian Macht said, “With products such as Cloud Failure Insurance, Real Estate Purchase Guarantee and All-Risk Cover, ELEMENT demonstrates its innovative strength. Loss ratios well below the industry standard validate the cost advantage. “It is this profitability on every product and partner level that will prove critical in the years ahead. Year after year, we are seeing a 66 per cent increase in revenue and are well on our way to achieving our goal of 100 per cent growth by 2022.”
Macht said the company will use the funds to expand its market position and integrate new product categories into its portfolio, adding that it will continue to pursue its long-term goal of eliminating billions of dollars in unnecessary costs in the European insurance market.
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