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UK-based Element Ventures leads Series A funding round for insurtech Hepster

Element Ventures Hepster_IFM_Image
The startup raised around $10 mn in the funding round

UK-based venture capital firm Element Ventures led the Series A funding round for insurtech startup Hepster, media reports said. Hepster raised around $10 million in the funding round. Other investors that also participated in the funding round for the insurtech startup includes Seventure Partners, MBMV and GPS Ventures. According to Hepster, the funding will be used to expand Hepster’s innovative offer and accommodate more partners.

With regard to the investments in Hepster, Michael McFadgen, partner at Element Ventures told the media, “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.”

Christian Range, co-founder, and chief executive officer of Hepster told the media, “With our technology, our API-controlled ecosystem and our strongly service-oriented approach, we not only differentiate ourselves from traditional insurers, but also from other providers on the market. Together with our new and existing investors, we want to continue working on our vision of creating the best insurance experience on the market in the long term.”

Last year, it was reported that Delta Insurance is planning to launch a cyber insurance product called PerCy in the UK and across Europe. In order to launch the cyber insurance product, Delta is partnering with UK-based specialty reinsurance broker Prospect Insurance Brokers. PerCy offers cover for individuals for various cyber risks including data loss and ransomware. Delta is launching the same in Asian markets through Delta’s Singapore office.

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