German embedded insurtech platform Hepster raises €10m

European insurtech Hepster has raised €10m Series B as it looks to expand to new markets and work towards profitability.

The API-driven platform allows companies to integrate “needs-based customised insurance” into their customer journeys.

Co-founded by COO Hanna Bachmann, CEO Christian Range and CPO Alexander Hornung in 2016, Hepster is currently active in Germany, Austria and France and has a portfolio covering mobility, electronics, equipment, travel, pet and accident insurance.

“We are delighted with the unreserved trust of our existing and new investors, but also the trust of our entire team, which has delivered an outstanding performance over the last seven years,” Range said.

The funding round of debt and equity was made up of existing and new investors, including Element Ventures, Seventure Partners, Mittelständische Beteiligungsgesellschaft Mecklenburg-Vorpommern and Claret Capital Partners (Fund III1). 

Since 2017, Hepster has onboarded more than 2,500 partners and more than 250,000 customers through more than 500 customised insurance products. 

“The insurance market is increasingly becoming digitised, automated, and simplified and companies need to depend progressively on additional offerings for their customers,” Claret Capital Partners associate Antony Baker said. 

“That‘s where Hepster comes in with embedded insurance.”

Positioning itself as “for everyone, everywhere”, Hepster is looking to make integrated insurance more accessible, leaving “traditional insurance to the 90s”.