[Funding alert] Berlin-based Embea Secures €4 Million in Seed Funding
Feb 21, 2024 | By Team SR
Berlin-based Embea secures €4 million in seed funding. Leading the round were astorya.vc, an investment firm that specialises in European InsurTech firms, and Atlantic Labs, a venture fund situated in Berlin.
Other well-known investors include Michael Cassau, the inventor of Grover, Daniel Khachab, the founder of Choco, and Jamie Hale, the founder and CEO of Ladder, a US-based digital life insurance business. Embea is one of the first companies to offer life insurance protection in addition to the newly popular integrated insurance coverage for electronics.
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Families and individuals can obtain coverage during non-insurance activities, such as making trip arrangements or applying for a loan, by making a few more clicks, as opposed to purchasing through brokers or a specialised website.
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Due to the restricted availability of fresh venture capital funds, digital platforms—particularly digital banks and other fintechs—strive to boost revenue from their current user base. These players can improve their platforms with Embea by adding an extra revenue stream and providing life insurance.
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Investor and Founding Partner of astorya.vc, Florian Graillot, said: “Embea designed its software platform from the ground up for embedded distribution. Coupled with its innovative approach to developing lightweight, affordable insurance products inhouse, Embea marks a significant advancement in this space.”
This investment is being made during a difficult time for the insurtech industry as a whole. According to a fintech Global analysis, overall investment in European InsurTech startups is expected to drop by 84% by 2023.
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Co-founder and CEO of Embea, Dr Johannes Becher, stated: “We are delighted to have secured this funding showing that the future of insurtech is far from dead. By taking life insurance embedded, we enable underserved groups to access existential coverage while helping our partners to generate additional income.”
About Embea
Embea, which was established in 2022, plans to introduce additional insurance products to its portfolio and develop its pan-European embedded life insurance platform with the money raised.
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In order to enable digital enterprises operating in several European regions to add life insurance without needing a separate insurance partner for each, the company aims to become the go-to B2B platform.