London-based Element Ventures have led a $10 million (£7.23 million approx.) Series A funding round for insurtech startup Hepster. Hepster helps companies access and provide bespoke insurance policies that are not available through traditional insurance brokers and markets.
Although still a relatively new market, Hepster is the first of its kind, the embedded insurance market is expected to be $3 trillion by 2030. Hepster saw 600% growth in 2020 and, since being founded, has serviced over 200 different insurance products through 700 partners to more than 70 thousand customers.
The funding, in which Element were joined by Seventure Partners, MBMV and GPS Ventures, will be used to expand Hepster’s innovative offer and accommodate more partners.
Hepster’s game-changing toolkit
The German insurtech operates in a market still largely dominated by brokers and agents selling traditional products. Hepster’s model allows businesses to build policies from nothing, so they are precisely tailored to their services or products. The insurance can then be embedded into the customer journey, to create a seamless experience....