Germany-based insurtech firm ELEMENT has secured €21.4m ($21.7m) in a new series B funding round, bringing the total amount raised by the company to €88m.

Versorgungswerk Zahnärztekammer Berlin (VZB) led the latest round, which also saw the participation of Alma Mundi, Witan Group and Ilavska Vuillermoz Capital.

ELEMENT intends to use the freshly secured capital to boost its market position as well as incorporate new product categories into its existing portfolio.

The company also reported achieving its best year-to-date (YTD) result ever.

ELEMENT CEO Christian Macht said: “It is this profitability on every product and partner level that will prove critical in the years ahead.

“Year after year, we are seeing a 66% increase in revenue and are well on our way to achieving our goal of 100% growth by 2022.”

Macht added: “Most importantly, we will continue to pursue our long-term goal of eliminating billions of dollars in unnecessary costs in the European insurance market.”

Last year, the company’s sales increased to €10.4m, a 50% jump compared to the previous year’s figures.

With more than 50 partners and a workforce of 140 employees, ELEMENT currently serves approximately 200,000 customers.

The company also said that it is working as a risk carrier in various European Union (EU) countries.

VZB director Ralf Wohltmann said: “We invested at an early stage of the company’s development and see Element’s growth and innovation as a confirmation of their commitment to set standards in the industry, both on the product side and in their ESG efforts.”

Last year, ELEMENT received €16m in funding from both existing and new investors to help accelerate its growth.