Hepster, An insurtech platform from Germany, has raised $ 10 million in a Series A funding round led by Element Ventures. As well as Seventh Partners, MBMV and GPS Ventures, as well as previous investors participating. The money will be used to broaden the Hepster insurance ecosystem and enhance its network with an emphasis on automation.
The German insurance market is renowned for adopting new practices, and Hepster is part of a new wave of Insurtech startups in the country, taking advantage of this. This allows businesses to create insurance policies from scratch, specifically tailored to their individual service or industry needs. For example, e-commerce players can embed these insurance products into the e-commerce journey.
Its products are therefore preferable to new territory, for example, shared e-bike schemes and peer-to-peer rental platforms, which are rarely covered by traditional brokers in Germany. However, it also caters to traditional, established industries.
It now has more than 700 partners, including European bike retailers and rental companies Greenstorm Mobility and Baron Mobility, as well as Berlin-based cargo bike provider Sitker and Munich e-bike startup SUSHI.
Hepster co-founder and CEO Christian Range said in a statement, “Hepster is now a major player in the European insurance market. Our state-of-the-art technology differentiates our API-driven ecosystem as well as our highly service-oriented approach. “
In an interview he told me: “Germany is the toughest market with the most regulations, the most laws. We have a saying in Germany, if you can make it in Germany, you can make it everywhere. Furthermore, it is a huge market in terms of selling insurance products because the Germans really like insurance in every respect. So I think there is a huge market potential in Germany.
Michael McFadden, partner at Element Ventures, said: “As new industries and business models emerge, companies need more flexible insurance offers than those offered by traditional brokers. Hepster is the breakout company in the space, and their focus on embedded insurance will pay dividends in the coming years. “