Digital insurer Hellas Direct raises €32 million
Hellas Direct closed a €32 million financing round, bringing its total funding to total €56 million.
The company also welcomed on board a leading investor, the European Bank for Reconstruction and Development (EBRD). The EBRD is providing a mandatory convertible debt facility of €10 million to Hellas Direct, to support its growth and provide the company with solvency capital. Additional investors include Portag3, the IFC (member of the World Bank Group), and Endeavor Catalyst.
Hellas Direct is a digital-first, full-stack insurance company. The company plans to expand into five European markets – which similarly to Greece and Cyprus tend to be overlooked by the global powerhouses – starting with Romania, in order to replicate the multi-product, multi-channel approach it has successfully deployed in Greece. The Group also plans to start offering its own credit product, as part of its strategy to dominate the mobility ecosystem in the broader region .
“We are proud to welcome the EBRD into our group of investors at Hellas Direct. Our investors’ support will enable us to accelerate some of our longer-term strategic goals and to pursue a more aggressive acquisition strategy in the region.” – Alexis Pantazis, Executive Director of Hellas Direct.