ELEMENT raises €21.4 million
Berlin-based white-label product factory for insurance ELEMENT has raised €21.4 million in a Series B round led by Versorgungswerk Zahnärztekammer Berlin (VZB), with Alma Mundi, Witan Group and Ilavska Vuillermoz Capital as participants. To date, the company raised €88 million.
Founded in 2017, ELEMENT is a cloud-based insurtech startup that holds a license from the German Federal Financial Supervisory Authority (BaFin) as a direct insurer for non-life insurance. It provides companies with white-labeled products, which they market under their own brand. ELEMENT’s offerings include Cloud Failure Insurance, Real Estate Purchase Guarantee, and All-Risk Cover.
“With the fresh capital, ELEMENT will expand its market position and integrate new product categories into its portfolio. Above all, we will continue to pursue our long-term goal of eliminating billions of euros in unnecessary costs in the European insurance market.” – dr Christian Macht, CEO of ELEMENT.
“We invested in ELEMENT at an early stage of the company and see ELEMENT’s growth and innovative strength as confirmation, both on the product side and in their efforts to set ESG standards in the industry.” – VZB director Ralf Wohltmann.