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hepster closes €10 million Series B financing round

Leading European Embedded InsurTech closes €10 million financing round: focus remains on profitability and sustainable growth
Published 10 Jul 2023
Founder team of hepster

Leading European Embedded InsurTech hepster secures €10 million of new financing which will be deployed to support hepster’s continued expansion into new markets, delivering continued sustainable growth and securing hepster’s pathway to profitability. hepster offers an API-driven ecosystem that enables companies from all industries to seamlessly integrate needs-based customised insurance into their digital customer journeys. hepster is headquartered in Rostock, Germany with operations in Germany, Austria and France. 

Rostock, July 10, 2023. hepster has received €10 million ($11 million) in a Series B financing round from existing and new investors with Element Ventures, Seventure Partners, Mittelständische Beteiligungsgesellschaft Mecklenburg-Vorpommern, and Claret European Growth Capital Fund III. The new capital consists of equity and debt.  

Despite a challenging fundraising environment, thanks to its continuous growth and the expansion of its market positioning, hepster was able to successfully close another financing round with existing and new investors. Investors were attracted to the very positive development of all hepster’s key performance metrics, its innovative approach of platform extensions and hepster’s strong momentum in securing compelling B2B partnerships especially in the high-growth areas of mobility and the circular economy. Most recently, hepster secured new, significant enterprise partnerships, further cementing its position as one of the leading embedded insurtechs in Europe. 

Christian Range, CEO and Co-Founder of hepster, on the financing round: “We are delighted with the unreserved trust of our existing and new investors, but also the trust of our entire team, which has delivered an outstanding performance over the last seven years." 

Antony Baker of Claret Capital Partners adds: “We, as adviser to the fund, are delighted to have backed hepster alongside the other investors. The insurance market is increasingly becoming digitised, automated, and simplified and companies need to depend progressively on additional offerings for their customers. That's where hepster comes in with Embedded Insurance." 

Michael McFadgen of Element Ventures adds: "Our decision to continue to support hepster is based on their promising business model, but more importantly on the cooperation we have had so far. With their focus on embedded insurance, hepster has been able to establish a strong market position. Therefore, we see further growth potential for hepster and look forward to the upcoming developments of the company" 

The investment confirms that even after seven successful years in the insurance market, the founder trio of Hanna Bachmann, Alexander Hornung and Christian Range has chosen the right path. 

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