Element attracts 21.4 million euros

The company intends to use the money to integrate new products into its portfolio, among other things. The Versorgungswerk Zahnärztekammer Berlin (VZB) contributed the most capital.

The Berlin-based insurtech Element raised an additional 21.4 million euros as part of its Series B financing round. This brings the total investment in the company to 88 million euros. The company is a cloud-based start-up and offers cloud default insurance, among other things.

Element intends to use the money to expand its market position and launch new product categories. "Above all, however, we will continue to pursue our long-term goal of eliminating billions in unnecessary costs in the European insurance market," says the company's CEO Christian Macht.

The round was led by the Versorgungswerk Zahnärztekammer Berlin (VZB). Other investors included Alma Mundi, the Witan Group and Ilavska Vuillermoz Capital. "We invested in Element at an early stage of the company," says VZB Director Ralf Wohltmann. His company sees itself "confirmed by the growth and innovative strength" of the company.

Element has a license from the German Federal Financial Supervisory Authority (BaFin) as a primary insurer for property and casualty insurance. Last year, the company's turnover rose to 10.4 million euros. This is 50 percent more than in the previous year. The company has more than 200,000 customers. According to its own information, 50 partners sell the company's products. These include three DAX 40 companies.