Germany-based digital insurance provider Element added €10m from investors including consumer electronics manufacturer Sony to its series A round on Wednesday, increasing it to €39m ($46.5m) in the process.
Sony Financial Ventures, a corporate venturing subsidiary of Sony, provided the capital through its SFV • GB fund, participating alongside SBI Investment, a subsidiary of financial services firm SBI, as well as Finleap, Versorgungswerk Zahnaerztekammer Berlin and Global Brain.
Element develops custom white-label insurance software products for corporate customers both in and outside the insurance industry.
The round’s $26m first close in 2018 included insurance firm Signal Iduna. SBI Investment, fellow SBI subsidiary SBI Insurance Group, FinLeap, Engel & Völkers Capital and Alma Mundi Ventures. The second tranche came from insurer Mitsui Sumitomo in January 2019.
The company said it has now raised about $60m since it was founded in 2017, the same year it closed a Finleap-backed seed round. Its early investors include Signal Iduna-backed fund Signals Venture Capital.
Christian Macht, Element’s CEO, said: “Recently, the Covid-19 pandemic has again proven the strength of our business model. After a very successful 2019, the coronavirus lockdown has only affected us for a short while. We closed both June and July with record numbers.
“This strength is acknowledged by our investors also in this round extension. Hence, we will continue to scale with existing and new partners.”
