German embedded insurtech hepster has raised €10 million in a Series B funding round. Via its API it enables companies 'to integrate needs-based and individual insurance into their offerings', including mobility, electronics, equipment, travel, pet and accident insurance.
The funding consists of equity and debt financing and the round involves Element Ventures, Seventure Partners and Claret Capital Partners (Fund III1).hepster will use the funding to continue its expansion into new markets – the firm is HQ’d in Rostock and also has operations in Austria and France - and leading the way to profitability and sustainable growth.
“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," says Christian Range, CEO and co-founder of hepster.
“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,“ says Michael McFadgen of Element Ventures.
Main image: Hanna Bachmann, Christian Range and Alexander Hornung, founders of hepster