SBI Group and existing investor Signal Iduna both backed a round that will support digital insurance platform Element's international expansion.

Germany-based insurance technology platform Element has closed a €23m ($26m) series A round that included insurance providers Signal Iduna and SBI Insurance Group.

FinLeap, Engel & Völkers Capital and Alma Mundi Ventures also participated in the round, as did SBI Investment, which like SBI Insurance is a subsidiary of financial services provider SBI Group,

Founded in 2017, Element has built a product engine that allows clients operating in a variety of industries to offer digital insurance products to their customers.

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