EBRD is a multilateral bank owned by 69 nations.  Credit: Robert Anasch on Unsplash.

Hellas Direct, a technology-driven insurer operating in Greece and Cyprus, has raised €32m in the latest round of funding.

The insurtech also added the European Bank for Reconstruction and Development (EBRD) to its investors list.

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The EBRD will be providing a mandatory convertible debt facility of €10m to Hellas Direct. It will further the firm’s growth and provide it with solvency capital.

With the latest round of funding, the firm’s total raised funds reached €56m.

Apart from EBRD, Hellas Direct is backed by the likes of Portag3, the IFC (member of the World Bank Group), Endeavor Catalyst, Jon Moulton and Lord O’Neill.

Hellas Direct, a digital-first, full-stack insurer aims to boost its growth in a post-Covid world, across multiple products and distribution channels.

It also plans to expand into five blindspot European markets starting with Romania.

Furthermore, the insurtech is planning to start offering its credit product.

Hellas Direct executive director Alexis Pantazis said: “Our investors’ support will enable us to accelerate some of our longer-term strategic goals and to pursue a more aggressive acquisition strategy in the region.”

EBRD Greece and Cyprus head Andreea Moraru said: “We are delighted to support Hellas Direct, a technology-driven insurance company offering innovative products and digitalising the insurance value chain in Greece.

“We are very proud to support the growth of an insurance market player with a unique, digital business model well-positioned in the post-Covid-19 world in scaling up its operations.”

The EBRD is a multilateral bank owned by 69 nations along with the European Union and European Investment Bank.

To date, EBRD has invested more than €4.6bn in various sectors of the Greek economy including corporate, finance, energy and infrastructure.