hepster, a leading European embedded insurtech, has received €10 million in a Series B financing round from existing and new investors with Element Ventures, Seventure Partners, and Claret Capital Partners (Fund III1). According to the company, the new capital consists of equity and debt.
Despite a challenging fundraising environment, thanks to its continuous growth and the expansion of its market positioning, hepster was able to successfully close another financing round with existing and new investors.
Christian Range, CEO and Co-Founder of hepster, said on the financing round: “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.”
According to the company, investors were attracted to the very positive development of all key performance metrics, its innovative approach of platform extensions and its strong momentum in securing compelling B2B partnerships, especially in the high-growth areas of mobility and the circular economy. Most recently, hepster secured new, significant enterprise partnerships, further cementing its position as one of the leading embedded insurtechs in Europe.
Antony Baker of 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.”
Michael McFadgen of Element Ventures commented: “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. With their focus on embedded insurance, hepster has been able to establish a strong market position. Therefore, we see further growth potential for hepster and look forward to the upcoming developments of the company”
The fresh funds will be deployed to support hepster’s continued expansion into new markets, delivering continued sustainable growth and securing hepster’s pathway to profitability. hepster offers an API-driven ecosystem that enables companies from all industries to seamlessly integrate needs-based customised insurance into their digital customer journeys.
Founded in 2016 in the German city of Rostock, hepster has operations in Germany, Austria and France. Its portfolio includes mobility, electronics, equipment, travel, pet and accident insurance. Since 2017, hepster has already won over 2,500 partners and more than 250,000 customers with over 500 customised insurance products.
Read the orginal article: https://www.eu-startups.com/2023/07/rostock-based-insurtech-hepster-closes-e10-million-series-b-to-pave-the-way-to-profitability/
