German embedded insurtech Hepster has raised €10 million ($11 million) in a Series B funding round from existing and new investors, to support its expansion into new markets.
Element Ventures, Seventure Partners, Mittelständische Beteiligungsgesellschaft Mecklenburg-Vorpommern, and Claret European Growth Capital Fund III participated in the financing round, which consists of equity and debt.
Christian Range, chief executive officer and co-founder of hepster, said: “We are delighted with the unreserved trust of our existing and new investors, but also the trust of our entire team, which has delivered an outstanding performance over the last seven years.”
Hepster’s API-driven ecosystem enables companies across industries to integrate customised insurance into their digital customer journeys.
Headquartered in Rostock, Germany, it also has operations in Austria and France.
Antony Baker, an associate at Claret Capital Partners added: “We, as adviser to the fund, are delighted to have backed Hepster alongside the other investors.
“The insurance market is increasingly becoming digitised, automated, and simplified and companies need to depend progressively on additional offerings for their customers. That’s where Hepster comes in with embedded insurance.”
“Our decision to continue to support Hepster is based on their promising business model, but more importantly on the cooperation we have had so far,” added Michael McFadgen, partner and co-founder of Element Ventures.
“With their focus on embedded insurance, hepster has been able to establish a strong market position.”
Range co-founded the company alongside chief product officer Alexander Hornung and chief revenue officer Hanna Bachmann.
Main image L-R: Hanna Bachmann, Christian Range and Alexander Hornung