Insurtech Embea has completed its seed funding round, gaining €4m ($4.3m) to build a pan-European embedded life insurance platform.
The funding round for Embea was led by Atlantic Labs, a Berlin-based seed fund, and astorya.vc, an expert in investing in European insurtech.
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Embea is one of the first companies to utilise embedded insurance from covering gadgets to offering life insurance protection.
Also, instead of buying via brokers or a website, individuals and families can get protected through just a few clicks in non-insurance activities, like booking travel.
Furthermore, Embea will use the funding to expand its pan-European embedded life insurance platform and add products to the portfolio. The insurtech has the goal of becoming the first choice B2B platform for digital businesses active in multiple European markets.
Investor and founding partner of astorya.vc, Florian Graillot, expressed his enthusiasm and 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.”
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By GlobalDataCo-founder and CEO of Embea, Dr Johannes Becher, added: “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.”
European insurtech was backed by 331 individual supporters in 2023 with techstars having the most deals with five.
techstars supported European insurtech such as Sprout.ai, an advanced claims automation machine, and Fluffy, a provider of pet insurance that favours the conscientious.
