Hellas Direct, a Tech-Pushed Insurance coverage Agency with Workplaces in Greece, Acquires €32M in Capital

Hellas Direct, a technology-driven insurance coverage agency with enterprise workplaces in Greece and Cyprus, reveals that it has acquired €32 million in capital as a part of its newest funding spherical, bringing the entire raised by the corporate to €56 million.

Hellas Direct additionally welcomed the European Financial institution for Reconstruction and Improvement (EBRD) to its group. The EBRD is providing a compulsory convertible debt facility of €10 million to Hellas Direct, with a purpose to help its ongoing progress and to additionally present the agency with solvency capital.

The EBRD has joined different Hellas Direct traders equivalent to Portag3, the IFC (member of the World Financial institution Group), Endeavor Catalyst and established household workplaces of Jon Moulton and Lord O’Neill.

Hellas Direct is an all-digital, full-stack insurance coverage agency that’s empowered by the newest tech and leverages superior analytics. With the constant help of its traders, the corporate is targeted  on accelerating its natural progress in a post-COVID setting, throughout completely different merchandise and distribution channels.

Hellas Direct says it intends to broaden into 5 different European markets – which considerably like  Greece and Cyprus get ignored by main international gamers  – beginning with Romania, in an effort to duplicate the identical multi-product, multi-channel strategy it has already supplied in Greece. The Group additionally intends to start offering a credit score product, which is able to reportedly be a part of its enterprise technique to dominate the mobility sector within the wider area.

The EBRD is a multilateral banking establishment that helps the event of the non-public sector and entrepreneurial initiatives in 38 completely different economies throughout three continents. The EBRD is owned by 69 completely different nations (together with the EU and the EIB).

EBRD investments are targeted on bettering the economies of key world areas, by making them extra aggressive, inclusive, well-governed, inexperienced, resilient and built-in. The financial institution has invested over 4.6 billion Euros in additional than 75 completely different initiatives within the company, monetary, vitality and infrastructure segments of Greece’s growing economic system.

Alexis Pantazis, Govt Director at Hellas Direct, said:

“We’re proud to welcome the EBRD into our group of traders at Hellas Direct. Our traders’ help will allow us to speed up a few of our longer-term strategic targets and to pursue a extra aggressive acquisition technique within the area.”

Emilios Markou, Govt Director at Hellas Direct, remarked:

“We’re excited to be teaming up with one of many world’s main traders. This can be a nice alternative for us to additional optimize the service we provide to the buyer, by increasing our exercise to a number of sectors. Our aspiration is to make Hellas Direct the dominant participant within the wider area’s mobility ecosystem.”

Andreea Moraru, EBRD Head of Greece and Cyprus, added:

“We’re delighted to help Hellas Direct, a technology-driven insurance coverage firm providing progressive merchandise and digitalising the insurance coverage worth chain in Greece. Accelerating digital transition, unleashing the facility of expertise to deliver adjustments for the higher, is among the many prime priorities for the EBRD. We’re very proud to help the expansion of an insurance coverage market participant with a novel, digital enterprise mannequin well-positioned within the post-Covid-19 world in scaling up its operations. We’re assured that EBRD funding, know-how and powerful presence on the Greek market will assist Hellas Direct to proceed bettering its innovative service choices and improve its market share.”