Tallinn-based insurtech Cachet raises €5.5M in Series A

The Tallinn-based startup Cachet, a developer of a worker-focused insurance services marketplace, has raised €5.5 million in a Series A round to expand its services for gig workers across Europe. Truffle Capital led the round with participation from Uniqa Ventures and the previous investor Icebreaker.vc.

• Founded in 2018 by Hedi Mardisoo and Kalle Palling, Cachet aggregates workers’ employment-related data from multiple platforms into one marketplace. This helps to build a better picture of worker employment patterns, enabling insurers to create fair and flexible insurance policies and cut the costs for workers.
• Cachet is already trusted by more than 12 insurance underwriters like Allianz, PZU, and VIG Group.
• The Paris-based Truffle Capital led the €5.5 million financing round. This was the first investment in the region for the fund. Uniqa Ventures and the previous investor Icebreaker.vc. also joined the round.

“Cachet has developed impressive data capabilities, with unique data assets, data platform, and data science resources, making it a rising force in one of the most dynamic insurtech markets,”

Bernard-Louis Roques, co-founder and CEO at Truffle Capital, commented on the financing.

• In September 2020, Cachet completed its seed round and raised €1.1 million. Icebreaker.vc led the round and was joined by six other investors.
• The funds will help grow the company’s team, improve its technology and data models, and expand within Europe.