Germany-based insurtech Element has raised €23m ($26m) in a Series A financing round as it looks to expand operations overseas.

Besides existing shareholders finleap and Signal Iduna, the funding round was joined by SBI Investment, SBI Insurance Group, Engel & Völkers Capital, and Alma Mundi Ventures.

Insurtech Element said that it will use the new funds to expand its technological platform.

Element chief representative Christian Macht said: “Our success as white-label product factory has convinced the investors to back the growth of Element.

“The future in insurance, just as in many other industries, is collaboration: highly specialised market participants that focus on parts of the value chain.

“The new capital supports the development of our technological platform and the automation of relevant functions. This will enable us to implement new insurance products even faster. In 2019, we will expand into new industries and enter our first international markets.”

Element provides fully-digital white-labelled insurance products to other companies from various industries, which they market under their own brands. So far, Element has implemented products for more than fifteen partners.