Element attracts 21.4 million euros

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

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

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

The round was led by the Versorgungswerk Zahnärztekammer Berlin (VZB). Also investing were capital providers Alma Mundi, Witan Group and Ilavska Vuillermoz Capital. "We invested in Element at an early stage of the company," says VZB director Ralf Wohltmann. He says his firm is "vindicated by the growth and innovation" 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 sales increased to 10.4 million euros. This is 50 percent more compared to the previous year. The company has more than 200,000 customers. According to its own information, 50 partners distribute the company's products. Among them are three DAX 40 companies.