German insurtech Element secures €16m in financing from new and existing investors

Element, the German white-label provider of digital insurance solutions, has raised €16 million in additional investment from existing and new investors as it continues to expand its business.

Investment firm Witan Group and Luxembourg-based fintech investor Ilavska Vuillermoz Capital join as new investors, while existing investors including finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin and the European VC Mundi Ventures also participated in the financing.

Element has now raised a total of around €66 million since its inception four years ago. The business closed with €6.8 million euro in gross written premiums in 2020, which it said makes it the most successful BaFin-regulated property and casualty (P&C) insurtech.

In the first quarter of 2021 it entered into 10 new partnerships with companies from different industries, as well as bringing several new products to market, including a pet health insurance product.

Christian Macht, Element’s chief executive officer (CEO), said: "We are Germany's strongest B2B insurtech in the P&C sector. Having just completed the five strongest sales months in the company's history, our B2B2X-approach has proven to be extremely successful.”

Macht promised Element, which is Germany's only 100 percent cloud-based insurance company, will continue to follow its strategic approach and intensify the scaling of its business.

Ramin Niroumand, CEO of finleap, added: " Element has attracted the interest of new investors and kept the attention of existing backers alike, which affirms the positive momentum of the company. Its positive insurance results in 2020, its strong partners - now including several DAX 30 companies - and its steadily growing product range prove that ELEMENT has become a serious insurance platform in just four years."

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