Element Insurance announced raising €16 million from Witan Group, Ilavska Vuillermoz Capital and existing investors.

Element, a Berlin, Germany-based company selling white label insurance products, announced the completion of a €16 million ($19.5M) capital funding round.

The money was raised from new investors including the investment firm Witan Group and Luxembourg-based fintech investor Ilavska Vuillermoz Capital, joined by current shareholders finleap, signals VC, Versorgungswerk der Zahnärztekammer Berlin, and the European VC Mundi Ventures.

Element Insurance AG, founded in 2016 and led by CEO Christian Macht, is a white-label product provider for insurance and insurance digitalisation.

The company is a fully cloud-based insurtech, holding a license from the German Federal Financial Supervisory Authority (BaFin) as a direct insurer for non-life insurance, which permits it to act as a risk carrier in all EU countries. Element is completely independent and serves the industry without restrictions of any group affiliation, and reported €6.8 million ($8.3 million) in gross written premiums in 2020.

Element previously raised about €50 million ($61M).