Cachet announced securing €1.1M in a round led by Icebreaker.

Cachet, a Talinn, Estonia-based operator of a financial services marketplace for gig workers, announced getting into a €1.1 million ($1.3M) investment agreement.

The funding round was led by the early stage invstor from Finland Icebreaker, and included contributions from existing investor Techstars, Barclays and Lemonade Stand as well as angel investors like Chris Adelsbach, Kartik Varma, Martin Cass, and Richard Howard.

Money will be used to expand the company's services across the Nordics as well as the UK and Poland. It’s also looking to add further services catering to the sharing economy like urban mobility and vacation rental marketplaces.

Cachet, founded in 2018 and led by CEO Hedi Mardisoo, built a usage-based insurance platform that acts as a financial services marketplace. The service aggregates and enrich cross-market data from gig platforms to enable businesses like insurance companies to sell better priced and personalised coverage based on the gig workers’ real work hours.

The company's users include the drivers of ride-hailing platforms like Uber, Bolt and Yandex, which sign up for insurance.

Prior to this transaction, Cachet raised about hald a million dollars, as it was part of the London Barclays Accelerator in winter 2020.