Second closing ofSeries A: ELEMENT Insurance AG raises a further five million Euro in capital –bringing the total investment of this financing round to 29 million Euro
Berlin, 16. January 2019 –ELEMENT, the leading white-label product factory forinsurance, raises a further five million Euro of new capital in the secondclosing of their Series A round. Recently, ELEMENT announced 23 million Eurocapital investment, incl. rounding differences, the total amount of the SeriesA round increases to 29 million Euro.
The new investors are the Japanese Mitsui Sumitomo Insurance Group andtheir MS&AD Ventures. Amongst the already announced investors are SBIInvestment and SBI Insurance from Japan, German Engel &Völkers Capital and the Spanish insurtech investor Alma Mundi Venturesas well as SIGNAL IDUNA and finleap, which already backed ELEMENTin the seed financing round.
‘The additional investment of a big insurance company underlines thetrust industry experts put in us. Our positioning as a white-label supplier is uniqueon the market: we implement digital insurance products at record speed via ourproprietary modular platform and as we are licensed as an insurer, act as riskcarrier’ comments Christian Macht, Chief Representative of ELEMENT InsuranceAG.
ELEMENT Insurance AG is the leading white-label product factory forinsurance and a leader in insurance digitalisation. It is the first youngcompany licensed by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzaufsicht) as adirect insurer for non-life insurance, which enables ELEMENT to act as a riskcarrier, including claims settlement, in all EU-countries. Founded in March2017, ELEMENT offers a unique technology platform (‘Insurance as a Platform’)with a focus on the B2B2X value chain: ELEMENT develops for its more thanfifteen partners from various industries – from e-commerce to establishedinsurers – custom-made, innovative white-label insurance products at recordspeed. These products are then marketed by the partners under their own brand.ELEMENT has its headquarters in Berlin. End of 2018, ELEMENT closed the SeriesA with a total of EUR 29 Million in investment.
Sebastian Schleicher | Senior Communications & PR Manager
+49 (152) 0132 7442 | email@example.com
ELEMENT InsuranceAG | Hardenbergstraße 32 | 10623 Berlin | Germany