ELEMENT raises $19.5 million
Berlin-based white-label product factory for insurance ELEMENT has raised $19.5 million from Witan Group, Ilavska Vuillermoz Capital, finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin, and Mundi Ventures. To date, the company has raised ~$76 million.
Established in 2016, ELEMENT is the first fully digital insurer to receive a license from the Federal Financial Supervisory Authority (BaFin). It provides companies with white-labeled products, which they market under their own brand. Products offered include homeowner’s and liability insurance, flight delay, cyber, and warranty coverage.
“We are Germany’s strongest B2B insurtech in the property and casualty sector . Having just completed the five strongest sales months in the company’s history, our B2B2X-approach has proven to be extremely successful. The new investments show that not only our existing investors, but also new investors are convinced of our business model. Therefore, we will continue to follow our strategic approach and intensify the scaling process.” – Dr. Christian Macht, CEO of ELEMENT.
“ELEMENT has attracted the interest of new investors and kept the attention of existing backers alike, which affirms the positive momentum of the company. Its positive insurance results in 2020, its strong partners – now including several DAX 30 companies – and its steadily growing product range prove that ELEMENT has become a serious insurance platform in just four years.” – Ramin Niroumand, CEO of finleap.