Insurtech Element secures €23m new capital for international expansion

Berlin-based Element, a digital property/casualty insurer, has completed its Series A financing round with €23 million in new capital as it prepares to expand internationally next year.

SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and Alma Mundi Ventures were among the investors. Existing shareholders finleap and Signal Iduna also participated in round.

Element said the new capital will allow it to expand its technological platform.

"Our success as white-label product factory has convinced the investors to back the growth of Element," said Christian Macht, chief representative of Element. "The future in insurance, just as in many other industries, is collaboration: highly specialised market participants that focus on parts of the value chain."

"The new capital supports the development of our technological platform and the automation of relevant functions. This will enable us to implement new insurance products even faster. In 2019, we will expand into new industries and enter our first international markets," Macht added.

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