Element announced series A extension to €39 million.

Element, a Berlin, Germany-based company selling white label insurance products, announced an extension of its series A with an additional €10 million, totalling now €39 million ($46M).

The round is backed by SFV • GB L.P., a corporate venture capital fund managed by Sony Financial Ventures and the Japanese VC Global Brain, and existing investors.

Among those contributing with capital in the round are the fintech ecosystem finleap, the occupational pension fund Versorgungswerk Zahnaerztekammer Berlin as well as SBI Investment.

Element Insurance AG, founded in 2016 and led by CEO Christian Macht, is a white-label product provider for insurance and insurance digitalisation. The technology company develops and administers insurance solutions for partners from various industries, using its proprietary product platform. Licensed as direct insurer, the company can underwrite these products inhouse.

The company claims to have closed 2019 with a gross written premium (GWP) of 4.3 million Euro.

Prior to this overall round, Element raised about €11M.