Berlin’s InsurTech startup Embea secures €4 Million to develop Pan-European embedded insurance platform

The pioneer of embedded insurance, Embea, a Berlin-based InsurTech startup has raised a total of €4 million in its seed fundraising round.

Leading the round was astorya.vc, an investment firm that specializes in European InsurTech firms, and Atlantic Labs, a venture fund situated in Berlin. Other notable investors include the founder and CEO of Ladder, Jamie Hale, founder of the unicorn startup Choco, Daniel Khachab, and Michael Cassau, founder of unicorn startup Grover.

Embea is one of the first companies to offer life insurance protection in addition to the newly popular integrated insurance coverage for electronics. Families and individuals can obtain coverage during non-insurance activities, such as making trip arrangements or applying for a loan, by making a few more clicks, as opposed to purchasing through brokers or a specialized website.

Due to the restricted availability of fresh venture capital funds, digital platforms — particularly digital banks and other FinTechs—strive to boost revenue from their current user base. These players can improve their platforms with Embea by adding an extra revenue stream and providing life insurance. Thanks to Embea’s highly flexible, no-code embedded checkout technology, integration is simple and can be finished in a matter of days.

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This investment occurs amidst a challenging period for the InsurTech industry. As per an analysis by FinTech Global, there’s an anticipated 84% decline in overall investment in European InsurTech startups by 2023.

Florian Graillot, an investor and founding partner of astorya.vc, stated:

“Embea built its software platform specifically for embedded distribution. Together with its creative internal approach to creating lightweight, reasonably priced insurance products, Embea represents a major step forward in this industry.”

Dr. Johannes Becher, co-founder and CEO of Embea, said:

“We are delighted to have secured this funding showing that the future of InsurTech is far from dead. By purchasing life insurance embedded, we assist our partners make extra money while providing access to existential coverage for marginalized communities.”

In 2022, Embea founded to introduce more insurance products into its portfolio and develop its pan-European embedded life insurance platform using the raised funds. To enable digital enterprises operating in several European regions to add life insurance without needing a separate insurance partner for each, the company aims to become the go-to B2B platform.

Image Credit: Embea