German insurtech Embea has raised €4m to expand its pan-European embedded life insurance platform and add new insurance products to its portfolio.
The funding round was led by Atlantic Labs, a Berlin-based seed fund, and Astorya.vc, specialising in investing in European insurtech start-ups.
Other notable investors include Jamie Hale, founder and CEO of Ladder, the US-based digital life insurance start-up; Daniel Khachab, founder of the unicorn start-up Choco; and Michael Cassau, founder of the unicorn start-up Grover.
Embea capitalises on the emerging trend of embedded insurance from covering gadgets to offering life insurance protection.
Rather than buying via brokers or from a dedicated website, individuals and families get covered through a few additional clicks during non-insurance activities, like booking travel or taking out a loan.
With limited access to new venture capital funds, digital platforms – notably digital banks and other fintechs – aim to increase earnings from existing users,
Embea explains it enables these players to enhance their platforms by offering life insurance and creating an additional revenue stream.
Integration can be completed within days due to Embea’s customisable, no-code embedded checkout technology.
Embea said it will use the proceeds to expand its pan-European embedded life insurance platform and add new insurance products to its portfolio.
It added it is seeking to become the go-to B2B platform for digital businesses active in multiple European markets, allowing them to add life insurance without requiring a different insurance partner for each.
Dr Johannes Becher, co-founder and CEO of Embea, said: “We are delighted to have secured this funding showing that the future of InsurTech is far from dead.
“By taking life insurance embedded, we enable underserved groups to access existential coverage while helping our partners to generate additional income.”