Cachet, a Tallinn, Estonia-based insurtech company that provides solutions for the platform economy workforce, raised €5.5M in funding.
The round was led by Truffle Capital with participation from Uniqa Ventures, and Icebreaker.vc. Truffle Capital and Icebreaker.vc representatives will join Cachet’s supervisory board.
The company intends to use the funds to grow the team, improve its technology and data models, and expand within Europe.
Founded in 2018 by Hedi Mardisoo and Kalle Palling, Cachet is a platform worker-focused insurance services marketplace for the platform economy workforce, which will account for 1 out of 5 economically active citizens in the EU by 2025.
The company already provides motor insurance for ride-hailing drivers as well as regular consumers, and delivery rider insurance that covers personal injury and property damage, accidents and medical expenses. The new insurance plans will include third-party liability as well as personal health and accident coverage for gig workers.
Cachet will also offer a data-led fleet insurance model in the Baltics and the CEE region to improve risk management of commercial car and micro-mobility fleets used to provide app-taxi and delivery services, thereby reducing insurance costs for both workers and fleet managers.
The company already serves more than 12 insurance underwriters with leading carriers like Allianz, PZU and VIG Group. Cachet has an insurance distribution license across most of the EU countries and currently operates in Estonia, Latvia, and Poland, while also serving customers in the UK, Lithuania, and Finland. In addition to Bolt and Uber, it also works with platforms like Upsteam, Citybee and Cleanify.