Germany-based insurance technology platform Element has closed a €23m ($26m) series A round that included insurance providers Signal Iduna and SBI Insurance Group.
FinLeap, Engel & Völkers Capital and Alma Mundi Ventures also participated in the round, as did SBI Investment, which like SBI Insurance is a subsidiary of financial services provider SBI Group,
Founded in 2017, Element has built a product engine that allows clients operating in a variety of industries to offer digital insurance products to their customers.
The company has implemented flight delay insurance in partnership with aviation-focused law firm FairPlane and has worked with Signal Iduna to create an insurance product for football fans. Signal Iduna and FinLeap provided an undisclosed amount of seed financing for the company in March 2017.
Christian Macht, chief representative of Element, said: “The new capital supports the development of our technological platform and the automation of relevant functions. This will enable us to implement new insurance products even faster. In 2019, we will expand into new industries and enter our first international markets.”