Leading the funding round are Atlantic Labs and astorya.vc, with notable contributions from Jamie Hale, founder and CEO of Ladder, Daniel Khachab, founder of Choco, and Michael Cassau, founder of Grover.

Embea, known for its pioneering work in embedded insurance, extends this innovation from gadget coverage to life insurance protection. The company’s approach allows individuals and families to seamlessly obtain coverage during non-insurance activities like booking travel or securing loans, eliminating the need for brokers or dedicated websites.

In response to the growing demand for embedded insurance solutions, Embea enables digital platforms such as digital banks and fintech firms to diversify revenue streams by integrating life insurance offerings. This integration process is made efficient and accessible through Embea’s highly customizable, no-code embedded checkout technology.

Florian Graillot, investor and Founding Partner of astorya.vc, said: “Embea designed its software platform from the ground up for embedded distribution. Coupled with its innovative approach to developing lightweight, affordable insurance products inhouse, Embea marks a significant advancement in this space.”

This investment comes at a time when the overall insurtech market is not having the easiest time. A report by fintech Global revealed an 84% decrease in total investment in European InsurTech companies for 2023.

Co-founder and CEO of Embea, Dr Johannes Becher, also commented, saying: “We are delighted to have secured this funding showing that the future of insurtech is far from dead.”

He added: “By taking life insurance embedded, we enable underserved groups to access existential coverage while helping our partners to generate additional income.”