German insurtech Element nets news funding for white-label insurance

Berlin-based insurtech Element, a provider of white-label insurance solutions, has increased its  series A investment round by additional €10 million, bringing the total funding since launch to €50 million.

The round was backed by SFV.GB L.P, a corporate venture capital fund managed by Sony Financial Ventures and the Japanese VC Global Brain, and existing investors including SBI Investment, finleap, and Versorgungswerk Zahnaerztekammer Berlin. The series A now totals €39 million, with overall investment reaching €50 million.

Element closed 2019 with a gross written premium of €4.3 million, and has already surpassed this amount in the first six months of 2020.

Christian Macht, CEO of Element, said: "Recently, the COVID-19 pandemic has again proven the strength of our business model. After a very successful 2019, the coronavirus lockdown has only affected us for a short while. We closed both June and July with record numbers. This strength is acknowledged by our investors also in this round extension. Hence, we will continue to scale with existing and new partners."