Cachet, a Tallinn, Estonia-based insurtech firm that gives options for the platform financial system workforce, raised €5.5M in funding.
The spherical was led by Truffle Capital with participation from Uniqa Ventures, and Icebreaker.vc. Truffle Capital and Icebreaker.vc representatives will be part of Cachet’s supervisory board.
The corporate intends to make use of the funds to develop the workforce, enhance its know-how and information fashions, and broaden inside Europe.
Based in 2018 by Hedi Mardisoo and Kalle Palling, Cachet is a platform worker-focused insurance coverage companies market for the platform financial system workforce, which can account for 1 out of 5 economically lively residents within the EU by 2025.
The corporate already gives motor insurance coverage for ride-hailing drivers in addition to common shoppers, and supply rider insurance coverage that covers private harm and property harm, accidents and medical bills. The brand new insurance policy will embody third-party legal responsibility in addition to private well being and accident protection for gig staff.
Cachet will even supply a data-led fleet insurance coverage mannequin within the Baltics and the CEE area to enhance danger administration of business automotive and micro-mobility fleets used to offer app-taxi and supply companies, thereby decreasing insurance coverage prices for each staff and fleet managers.
The corporate already serves greater than 12 insurance coverage underwriters with main carriers like Allianz, PZU and VIG Group. Cachet has an insurance coverage distribution license throughout many of the EU international locations and at present operates in Estonia, Latvia, and Poland, whereas additionally serving clients within the UK, Lithuania, and Finland. Along with Bolt and Uber, it additionally works with platforms like Upsteam, Citybee and Cleanify.