Insurance company Hellas Direct has raised €30m ($32.5m) in its latest funding round to help continue its growth into 2024.

Following €155m in written premiums and a 900,000-strong customer base in 2023, Hellas Direct is ready for further expansion thanks to its new funding and investors.

The funding will fortify Hellas Direct’s growth, boost its solvency capital, and help expansion in both existing and new markets across central and southern Europe. It currently works across Greece, Cyprus and Romania.

In addition, the insurance firm will use the funding to improve customer services with an emphasis on mobility and home ecosystems.

ETF Partners was a new investor in this funding round, joining Portage ventures, the European Investment Bank and many more.

Alexis Pantazis, co-founder and executive director of Hellas Direct, said: “We are thrilled to partner with ETF Partners. Their support will be crucial in accelerating our mission to integrate sustainability and resilience into our insurance products. As we look to the future , we are more committed than ever to innovating and delivering solutions that address the growing risks and urgent challenges of climate change. Now is the time for action!”

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Emilios Markou, co-founder and executive director of Hellas Direct, added: “We are very happy to announce the support of ETF Partners in Hellas Direct. We consider it another opportunity to reinforce our current activities and deliver our next steps in markets that tend to be overlooked by global powerhouses. Our aim is to always innovate and use technology as a competitive edge for our customers’ and partners’ benefit.”

Robert Genieser, managing partner at ETF Partners, commented: “Hellas Direct embodies the innovation and commitment to sustainability that we look for in our investments. They have developed a deep understanding of the insurance industry and demonstrated impressive growth through the deployment of their advanced technology platform and appreciation for the local markets. Developing and deploying insurance products that help people adapt to the effects of climate change will be increasingly important going forward.”

Earlier in February 2024, Coverdash, an insurtech company focused on SMEs, raised $13.5m in a Series A funding round.

Nyca Partners led the round, which also saw the participation of current investors such as Bling Capital, AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC and Cameron Ventures, among others. 

This investment will enable the company to enhance its embedded partner network, widen its insurance carrier panel and expand its headcount.