European InsurTech Cachet is preparing to expand its adaptive insurance model across Europe after securing new investment led by Spintop Ventures, taking its total funding to around €11m.
The Tallinn-based company, which provides insurance infrastructure for mobility and platform-based businesses, also received backing from existing investors Truffle Capital and Icebreaker.vc. The funding will support product development and sales expansion, marking the company’s first external raise since reaching profitability.
Cachet’s approach is designed for businesses whose insurance needs change as their operations evolve. Ride-hailing services, micromobility providers and gig economy platforms can face different levels of exposure depending on each journey, vehicle or task, while traditional insurance is often structured around annual policies and individual national markets.
To address this, Cachet integrates tailored insurance into platform operators’ systems, enabling cover to reflect how vehicles are used and people work. Its infrastructure also supports policy administration and claims management, while established insurers continue to underwrite the risks.
The business has more than doubled in size year on year and recorded its first full year of positive EBITDA in 2025. Since launching in 2018, it has covered close to 2bn minutes of mobility, with more than 310,000 assets on its platform. Its partners include Bolt, Voi, Ryde and Turo, and it is licensed across 16 European countries.
Founded by Hedi Mardisoo and Kalle Palling, Cachet is now looking to apply its model to emerging forms of work and transport. Alongside expanding its sales team and developing its products, the company is adapting its offering for employer-of-record arrangements and preparing its technology for autonomous vehicles.
Cachet also sees opportunities in emerging risks associated with distributed workforces and artificial intelligence. Having established its presence in Nordic markets, it plans to extend its reach into additional European countries.
For Spintop Ventures, which invests in early-stage, software-driven technology companies across the Nordic region, the deal is its first investment in Estonia.
Cachet CEO and co-founder Hedi Mardisoo said, “We are building the adaptive insurance infrastructure for what comes next, from shared and autonomous vehicles to distributed work and AI liability. We’ve built a strong foothold, supporting over 50 platform economy partners to control their risk and reduce their losses. With this round, Cachet is ready to accelerate and become the insurance partner for these new markets.”
Spintop Ventures partner Erik Wenngren said, “There is a lot of noise right now from insurance start-ups burning capital to buy growth at high valuations. Cachet has taken the opposite route: build the infrastructure, reach profitability, then raise to go further and faster. What they have built so far, and their ambition for the next step, made them the right choice for our first investment in Estonia.”
Copyright © 2026 InsurTech Analyst
