Contributions to the funding round came from a mix of new and existing investors, including Element Ventures, Seventure Partners, Mittelständische Beteiligungsgesellschaft Mecklenburg-Vorpommern (MBMV), and Claret Capital Partners.
The money will allow Hepster to work towards profitability and expand its application program interface (API) operations into new markets.
Founded in 2016, the company is currently active in Austria, France, and Germany, and has a portfolio that spans sectors such as travel, mobility, accident, electronics, and pet insurance. Since 2017, it has onboarded over 2,500 partners and 500 insurance products, serving more than 250,000 customers.
“The insurance market is increasingly becoming digitised, automated, and simplified and companies need to depend progressively on additional offerings for their customers,” Claret Capital Partners Associate Antony Baker said.