19.06.2021 – 19:13
Hellas Direct
ATHENS, March 23 / PRNewswire /
Hellas Direct, an innovative, technology-driven insurance company operating in Greece and Cyprus announced that it has raised an additional EUR 32 million in its latest financing round, bringing the total to EUR 56 million to date.
The company also welcomed a leading investor on board European Bank for Reconstruction and Development (EBRD). The EBRD is providing Hellas Direct with a mandatory conversion facility of EUR 10 million to support the company’s growth and provide it with solvency capital.
The EBRD joins a number of investors who support Hellas Direct, including Portag3, the IFC (Member of the World Bank Group), Endeavor Catalyst and well-known family offices, including those of Jon Moulton and Lord O’Neill.
Hellas Direct is a digital insurance company that relies on state-of-the-art technologies and the use of advanced analytics. With the support of its investors, the company aims to accelerate its high organic growth in a post-Covid world, across multiple products and sales channels. Strengthened by the latest round of financing and using the technology as a competitive advantage, the company plans to expand into five European blindspot markets – which, like Greece and Cyprus, tend to be overlooked by major global corporations – starting with Romania to focus on the multi-product and To replicate the multi-channel approach it has successfully used in Greece. The group also plans to offer its own loan product as part of its strategy to dominate the mobility ecosystem in the wider region.
The EBRD is a multilateral bank promoting private sector development and entrepreneurship in 38 economies on three continents. The bank is owned by 69 countries as well as the EU and the EIB. The EBRD’s investments aim to make the economies in their regions competitive, inclusive, well managed, green, resilient and integrated. To date, the bank has invested more than EUR 4.6 billion in over 75 corporate, finance, energy and infrastructure projects in the Greek economy.
“We are proud to welcome the EBRD to our circle of investors at Hellas Direct. The support of our investors will allow us to accelerate some of our longer-term strategic goals and pursue a more aggressive acquisition strategy in the region,” said Alexis Pantazis, Executive Director of Hellas Direct.
“We are excited to work with one of the world’s leading investors. This is a great opportunity for us to further optimize the service we provide to consumers by expanding our activities into multiple sectors. Our goal is Hellas Direct to make it the dominant player in the region’s mobility ecosystem, “adds Emilios Markou, Executive Director of Hellas Direct.
“We are pleased to support Hellas Direct, a technology-driven insurance company that offers innovative products and digitizes the insurance value chain in Greece. Accelerating digital change, unleashing the power of technology to bring about change for the better, is among the top priorities EBRD priorities. We take great pride in supporting the growth of an insurance market participant with a unique digital business model that is well positioned to scale its operations in the post-Covid-19 world. We are confident that the EBRD- Financing, know-how and strong presence in the Greek market will help Hellas Direct to further improve its innovative service offering and increase its market share, “said Andreea Moraru, EBRD Head for Greece and Cyprus.
Photos – https://mma.prnewswire.com/media/1536531/Hellas_Direct_European_Bank.jpg
Logo – https://mma.prnewswire.com/media/1536532/Hellas_Direct_Logo.jpg
– .
