Digital insurer Hellas Direct raises €32 million

Source: Hellas Direct

Hellas Direct, an innovative, technology-driven insurance company operating in Greece and Cyprus, announced that it has raised a further EUR 32m in funding in its latest financing round, bringing the total raised to date to EUR 56m.

The company also welcomed on board a leading investor, the European Bank for Reconstruction and Development (EBRD). The EBRD is providing a mandatory convertible debt facility of EUR 10m to Hellas Direct, to support its growth and provide the company with solvency capital.

The EBRD is added to an all-star roster of investors backing Hellas Direct, including Portag3, the IFC (member of the World Bank Group), Endeavor Catalyst and well-known family offices including those of Jon Moulton and Lord O'Neill.

Hellas Direct is a digital-first, full-stack insurance company, empowered by cutting-edge technology and the use of advanced analytics. With its investors' support, it aims to accelerate its high organic growth in a post-Covid world, across multiple products and distribution channels. Empowered by the latest round of funding and using technology as a competitive edge, the company plans to expand into five blindspot European markets - which similarly to Greece and Cyprus tend to be overlooked by the global powerhouses - starting with Romania, in order to replicate the multi-product, multi-channel approach it has successfully deployed in Greece. The Group also plans to start offering its own credit product, as part of its strategy to dominate the mobility ecosystem in the broader region.

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. The Bank is owned by 69 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well-governed, green, resilient and integrated. To date, the Bank has invested more than EUR 4.6b in over 75 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.

"We are proud to welcome the EBRD into our group of investors at Hellas Direct. Our investors' support will enable us to accelerate some of our longer-term strategic goals and to pursue a more aggressive acquisition strategy in the region," said Alexis Pantazis, Executive Director of Hellas Direct.

"We are excited to be teaming up with one of the world's leading investors. This is a great opportunity for us to further optimize the service we offer to the consumer, by expanding our activity to multiple sectors. Our aspiration is to make Hellas Direct the dominant player in the wider region's mobility ecosystem," added Emilios Markou, Executive Director of Hellas Direct.

"We are delighted to support Hellas Direct, a technology-driven insurance company offering innovative products and digitalising the insurance value chain in Greece. Accelerating digital transition, unleashing the power of technology to bring changes for the better, is among the top priorities for the EBRD. We are very proud to support the growth of an insurance market player with a unique, digital business model well-positioned in the post-Covid-19 world in scaling up its operations. We are confident that EBRD funding, know-how and strong presence on the Greek market will help Hellas Direct to continue improving its cutting edge service offerings and increase its market share," said Andreea Moraru, EBRD Head of Greece and Cyprus.

Comments: (0)