Hellas Direct snares €32m in EBRD-backed funding round

Greek insurance firm Hellas Direct has raised $32m in funding round supported by the European Bank for Reconstruction and Development (EBRD).

The funding round also saw participation from the IFC, Portag3, Endeavour Catalyst and more. To date, Hellas Direct has raised a total of €56m in capital.

Founded in 2011, Hellas Direct is an auto insurance platform that uses a direct-to-consumer distribution model to offer policies at a cheaper price, and in a more transparent manner. The ‘full-stack’ insurance company allows consumers to purchase policies online or via the phone.

According to Hellas, it intends to use the recently raised funds to accelerate its high organic growth across multiple products and distribution channels to expand into five European markets – starting with Romania.

The company claims it also intends to use some of the raised capital to start offering its own credit product.

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