ELEMENT reported €6.8m in gross written premiums in 2020. Credit: Precondo CA on Unsplash.

Germany-based white-label provider of digital insurance solutions ELEMENT has obtained €16m in financial boost from both current and new backers.

The fresh infusion, which will be used to accelerate the company’s growth, takes the firm’s total capital raised so far to €66m.

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New investors in the latest fundraising are Witan Group and Luxembourg-based fintech investor Ilavska Vuillermoz Capital.

They were joined by existing investors including finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin, and the European VC Mundi Ventures.

ELEMENT CEO Christian Macht said: “We are Germany’s strongest B2B insurtech in the property and casualty sector. Having just completed the five strongest sales months in the company’s history, our B2B2X-approach has proven to be extremely successful.”

A fully cloud-based insurtech, ELEMENT reported €6.8m in gross written premiums in 2020.

It is authorised by German Federal Financial Supervisory Authority to act as a direct insurer for non-life insurance.

The firm offers a range of property & casualty products and works with partners from the insurance industry, automotive sector, and telecommunication providers.

ELEMENT reached ten new partnerships with companies from varied sectors in Q1 2021.

In addition, it introduced several new products in Q1 including a pet health insurance.

finleap CEO Ramin Niroumand said: “ELEMENT has attracted the interest of new investors and kept the attention of existing backers alike, which affirms the positive momentum of the company.”

The announcement by ELEMENT comes shortly after the Series C fundraising of wefox – another German insurtech.

wefox secured $650m investment in the funding round, which valued the company at $3bn and was led by Target Global.