The Berlin-headquartered Insurtech firm ELEMENT has secured €21.4 million via a Series B round.
The total funding secured by the firm now amounts to 88 million euros. ELEMENT is also reporting its “best” YTD results.
The investment round has been led by the Versorgungswerk Zahnärztekammer Berlin (VZB). Additional contributions to the digital insurance company’s round were made by Alma Mundi, Witan Group and Ilavska Vuillermoz Capital.
The latest investment round highlights the ongoing growth of the Insurtech firm. In 2021, sales surged to 10.4 million euros – an increase of more than 50% when compared to the previous financial year.
The mark of 200,000 customers was surpassed as well and over 50 partners distribute ELEMENT products, including three DAX 40 firms.
With its business partners and 140 workers, ELEMENT is serving as a risk carrier in several EU nations and remains focused on further expanding its presences as a major pan-European provider of quick, efficient, and dependable end-to-end insurance solutions.
With products like Cloud Failure Insurance, Real Estate Purchase Guarantee and All-Risk Cover, ELEMENT demonstrates its robust strength.
Loss ratios well below the industry standard “validate” the cost advantage.
Dr. Christian Macht, CEO at ELEMENT, stated:
“It is this profitability on every product and partner level that will prove critical in the years ahead. Year after year, we are seeing a 66 per cent increase in revenue and are well on our way to achieving our goal of 100 per cent growth by 2022. ELEMENT will use the newly gained funds to expand its market position and integrate new product categories into its portfolio. “Most importantly, we will continue to pursue our long-term goal of eliminating billions of dollars in unnecessary costs in the European insurance market.”
VZB Director Ralf Wohltmann added:
“We invested at an early stage of the company’s development and see ELEMENT’s growth and innovation as a confirmation of their commitment to set standards in the industry, both on the product side and in their ESG efforts.”