Embedded insurance company raises $10 million

German insurance distributor Hepster closed a $10 million Series A funding round led by Element Ventures, the London-based, fintech-focused VC firm.

Founded in 2016 and currently a team of ~30 people, Hepster acts as an embedded insurance player and as an insurance distributor.

On the direct-to-consumer front, Hepster offers the ability to purchase insurance coverage online for bike, electronics, and travel insurance; to name a few. Coverage is offered on an annual basis or via a monthly subscription term. Carrier partners include Helvetia, TRIAS Versicherung, Roland Schutzbrief-Versicherung, BD24 and Europäische Reiseversicherung.

The company also develops alternative distribution channels by working with companies outside of the insurance industry to offer coverage.