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Estonian insuretech startup Cachet raises €5.5 million for enlargement throughout Europe

Estonian insurance coverage expertise startup Cachet, that provides insurance coverage providers to gig financial system staff, has raised €5.5 million that the corporate plans to make use of to develop its providers throughout Europe.

The Tallinn-based insuretech startup supplies options for the platform financial system workforce, which is able to account for one out of 5 economically energetic residents within the European Union by 2025, in line with an announcement from the corporate.

“Conventional insurers battle to take care of platform work’s distinctive wants, resembling ride-hailing drivers that work throughout completely different platforms like Bolt and Uber. This makes employee safety cumbersome and dear,” it stated.

“Cachet solves the difficulty of a platform employee’s employment-related knowledge being unfold throughout a number of platforms by aggregating the information throughout platforms. By constructing a greater image of employee employment patterns, Cachet permits insurers to create truthful and versatile insurance coverage insurance policies and lower the prices for staff.”

Cachet’s founders Kalle Palling and Hedi Mardisoo.

Rising its staff and enhancing its expertise

Cachet already supplies motor insurance coverage for ride-hailing drivers in addition to common shoppers, and supply driver insurance coverage that covers private damage and property harm, accidents and medical bills. “The corporate’s new insurance coverage will embrace third-party legal responsibility in addition to private well being and accident protection for gig staff,” the startup stated.

Main the €5.5 million financing spherical was Paris-based Truffle Capital, making this its first funding within the area. The spherical additionally included Uniqa Ventures, an professional within the Central Europe area, and former investor Truffle Capital and representatives will be part of Cachet’s supervisory board.

The funds might be used to develop the corporate’s staff, enhance its expertise and knowledge fashions and develop inside Europe, the corporate stated.

Cachet has an insurance coverage distribution license that has been passported to many of the EU international locations and presently operates in Estonia, Latvia and Poland, whereas additionally serving prospects within the UK, Lithuania and Finland. Along with Bolt and Uber, it additionally works with platforms like Upsteam, Citybee and Cleanify.

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