[Funding alert] Berlin-based Embea Secures €4 Million in Seed Funding

Wednesday 21, 2024 | By Startup Rise EU

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.

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.

Read also - Edinburgh-based PhaSER Biomedical Secures $2.3Million in Funding

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.

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.

Read also - Berlin-based Monite Secures $6Million in Seed Funding

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.

Read also - Bilbao-based WIVI Vision Secures €4 Million in Funding

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.

Read also - Paris-based Planity Secures $50 Million in Series C Round Funding

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.

Recommended Stories for You

story
News

German-based Octomind Secures $4.8 Million in Seed Funding

Startup Rise EU Tuesday 23, 2024

story
News

Dublin-based SynOx Therapeutics Secures $75Million in Series B Round Funding

Startup Rise EU Tuesday 23, 2024

story
News

Paris-based Zefir Secures €11Million in Funding

Startup Rise EU Tuesday 23, 2024

story
News

Helsinki-based HappySignals Secures €12 Million in Funding

Startup Rise EU Tuesday 23, 2024

story
News

Italian-based Lithium Lasers Secures €2 Million in Funding

Startup Rise EU Monday 22, 2024

story
News

[Funding alert] Munich-based Smart Reporting Secures €23 Million in Series C Round Funding

Startup Rise EU Monday 22, 2024