Hepster, a German company providing innovative insurance services, has announced early in March 2021 that it has raised USD 10 million in its Series A funding round. The round was led by Element Ventures along with participation from Seventure Partners, MBMV and GPS Ventures.
Investors: Element Ventures is a UK based investment firm that invests in, among other other things, promising fintech companies in the early stage of their development.
“As new industries and business models emerge, companies need much more flexible insurance propositions than what is currently being offered by traditional brokers. Hepster is the breakout company in the space, and their focus on embedded insurance will pay dividends in years to come.”–
Michael McFadgen, partner at Element Ventures.
Hepster plans on utilizing the funds to broaden its insurance ecosystem, and scale up its network with a focus on automation.
It describes its vision as follows-
“Our vision is to create the best experience in insurance for our customers and thus take insurance to a new, digital level with the latest technology, holistic efficiency and excellent service.”
The idea for the startup, according to Hepster, came up one evening during a kitchen table discussion. The founders were intrigued as to why a service that is supposed to protect people and organisations from everyday mishaps so complicated, inflexible and rigid. Two of the founders having worked in the insurance industry for more than 15 years, came up with a situational, mobile and short-term lockable solution.
Hepster seeks to provide its customers with products that best fit their life and cover areas that are generally left out by other insurance players.
What the CEO has to say:
“Hepster is now a key player within the European insurance market. Our state-of-the-art technology with our API-driven ecosystem, as well as our highly service-oriented approach, sets us apart.”–Christian Range, CEO and co-founder of Hepster.
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