ELEMENT raises €50 million

ELEMENT, a German insurance startup offering white-label insurance products, has raised €50 million from Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R. and Alma Mundi.

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.

According to a report by Handelsblatt, ELEMENT was initially looking to raise €100 million. Prior to this round, the startup raised nearly $100 million.