Hellas Direct, a technology-driven insurer operating in Greece and Cyprus, has raised €32m in the latest round of funding.

The insurtech also added the European Bank for Reconstruction and Development (EBRD) to its investors list.

The EBRD will be providing a mandatory convertible debt facility of €10m to Hellas Direct. It will further the firm’s growth and provide it with solvency capital.

With the latest round of funding, the firm’s total raised funds reached €56m.

Apart from EBRD, Hellas Direct is backed by the likes of Portag3, the IFC (member of the World Bank Group), Endeavor Catalyst, Jon Moulton and Lord O’Neill.

Hellas Direct, a digital-first, full-stack insurer aims to boost its growth in a post-Covid world, across multiple products and distribution channels.

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It also plans to expand into five blindspot European markets starting with Romania.

Furthermore, the insurtech is planning to start offering its credit product.

Hellas Direct executive director Alexis Pantazis said: “Our investors’ support will enable us to accelerate some of our longer-term strategic goals and to pursue a more aggressive acquisition strategy in the region.”

EBRD Greece and Cyprus head Andreea Moraru said: “We are delighted to support Hellas Direct, a technology-driven insurance company offering innovative products and digitalising the insurance value chain in Greece.

“We are very proud to support the growth of an insurance market player with a unique, digital business model well-positioned in the post-Covid-19 world in scaling up its operations.”

The EBRD is a multilateral bank owned by 69 nations along with the European Union and European Investment Bank.

To date, EBRD has invested more than €4.6bn in various sectors of the Greek economy including corporate, finance, energy and infrastructure.