Hepster to raise $10 million in a round led by Element Ventures.

Hepster, a Rostock, Germany, software developer of an API-based platform for building insurance-based products, anounced that it raised $10 million in a Series A funding round.

The money was raised from investors led by UK-based VC Element Ventures and including contributions from Seventure Partners, MBMV and GPS Ventures.

Hepster was founded in 2016 as Rostock InsurTech by Alexander Hornung, Christian Range and Hanna Bachmann and initially was selling insurance products for bicycles owners.

The company now operates a digital marketplace for insurance products, as it developed an API-driven insurance product toolkit built to access, provide and sell hyper-specialized insurance policies. The tool allows it to quickly build from scratch and deploy digital insurance products as per its partners requirements, and easy to then embed these insurance products into the customer journey.