ATHENS, Greece, January 18, 2018 /PRNewswire/ --
Hellas Direct, a next-generation insurance company has announced
the signing of a EUR 7m Series B
funding round led by IFC, a member of the World Bank Group.
In backing Hellas Direct, IFC joins a roster of all-star
investors, which include Third Point LLC, Endeavor Catalyst, former
Goldman Sachs economist Lord O'Neill and private equity veteran
Jon Moulton. Portag3 Ventures also
participated in an oversubscribed round, bringing Hellas Direct's
total equity raised to EUR 23.8m.
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"We are delighted to welcome IFC in our group of shareholders at
Hellas Direct, as we prepare to replicate our business model across
borders and to further foster financial inclusion," said
Emilios Markou.
"We are excited to be teaming up with some of the world's
leading investors, as we look to fortify our position in a
fast-consolidating market, to accelerate our organic growth and to
selectively look at strategic acquisitions in the broader region,"
added Alexis Pantazis.
Modelling itself after Amazon, Hellas Direct aims to
revolutionize the insurance value chain by adopting an extreme
focus on operational excellence. Hellas Direct is a digital-first,
full-stack insurance company, empowered by cutting-edge technology
and artificial intelligence.
"We are happy to be partners in Hellas Direct and help increase
availability of insurance products, reduce prices to consumers and,
in the process, increase insurance penetration in the country,"
said Andi Dervishi, IFC's Fintech
Global Head.
"With its market leading technology, Hellas Direct is uniquely
placed to offer consumers a better and more accessible
insurance offering. We look forward to working with the team and to
leveraging our global network to help Hellas Direct scale, both in
Greece and abroad," added
Adam Felesky, President of
Portag3.
Hellas Direct joins a number of other insurtech start-ups, such
as Lemonade, Metromile and Zhong
Ahn, which use technology to shake up a laggard insurance
industry. Insurtech has been one of the hottest areas of venture
capital investing over the past couple of years, with Sequoia,
Google Ventures and General Catalyst playing a particularly active
role.
About IFC
IFC, a member of the World Bank Group, is the largest global
development institution focused on the private sector in emerging
markets. For more information, visit http://www.ifc.org.
About Portag3 Ventures
Portag3 Ventures is an early-stage investor dedicated to backing
innovating financial services companies working to benefit all
consumers. For more information,
visit http://www.p3vc.com.