Hellas Direct, a technology-driven insurance company with offices in Greece and Cyprus, reveals that it has acquired € 32m in equity in its latest funding round, bringing the total raised by the company to 56 million euros.
Hellas Direct also hosted the European Bank for Reconstruction and Development (EBRD) to his team. The EBRD is offering a € 10 million convertible mandatory debt facility to Hellas Direct, in order to support its continued growth and also to provide the company with solvency capital.
The EBRD joined other Hellas Direct investors such as Portag3, IFC (member of the World Bank Group), Endeavor Catalyst and established the family offices of Jon Moulton and Lord O’Neill.
Hellas Direct is a fully digital insurance company that leverages the latest technology and leverages advanced analytics. With the constant support of its investors, the company is focused on accelerating its organic growth in a post-COVID environment, through different products and distribution channels.
Hellas Direct has announced its intention to expand into five other European markets – which, much like Greece and Cyprus, are overlooked by major global players – starting with Romania, with the aim of replicating the same multi-product approach and multi-channel that it has already offered in Greece. The Group also intends to start providing a credit product, which would be part of its business strategy to dominate the mobility sector in the wider region.
The EBRD is a multilateral banking institution that supports private sector development and entrepreneurial projects in 38 different economies on three continents. The EBRD is owned by 69 different countries (along with the EU and the EIB).
The EBRD’s investments are focused on improving the economies of key regions of the world, making them more competitive, inclusive, well governed, green, resilient and integrated. The bank has invested more than 4.6 billion euros in more than 75 different initiatives in the business, finance, energy and infrastructure sectors of Greece’s developing economy.
Alexis Pantazis, Executive Director of Hellas Direct, said:
“We are proud to welcome the EBRD to our group of investors at Hellas Direct. Support from our investors will allow us to accelerate some of our longer-term strategic goals and pursue a more aggressive acquisition strategy in the region.
Emilios Markou, Executive Director of Hellas Direct, said:
“We are delighted to team up with one of the world’s leading investors. This is an excellent opportunity for us to further optimize the service we offer to the consumer, by expanding our activity to multiple sectors. Our aspiration is to make Hellas Direct the dominant player in the mobility ecosystem of the region at large.
Andreea Moraru, EBRD head for Greece and Cyprus, added:
“We are delighted to support Hellas Direct, a technology-driven insurance company delivering innovative products and digitizing the insurance value chain in Greece. Accelerating the digital transition, unleashing the power of technology to effect change for the better, is one of the EBRD’s top priorities. We are very proud to support the growth of a player in the insurance market with a unique digital economic model well positioned in the post-Covid-19 world to intensify its operations. We are convinced that the EBRD’s financing, know-how and strong presence in the Greek market will help Hellas Direct to continue to improve its advanced service offerings and increase its market share.