Estonia's Cachet raises €11M to insure the platform economy
What's the deal? CachetDealroom has a profile for this one. Try Dealroom →, a Tallinn-based InsurTech, has raised €11 million in an early VC round led by Nordic firm Spintop VenturesDealroom has a profile for this one. Try Dealroom →. Existing investors Truffle CapitalDealroom has a profile for this one. Try Dealroom → and Icebreaker.vcDealroom has a profile for this one. Try Dealroom → also took part. It is Cachet's first outside investment since it became profitable.
What does it do? Cachet designs insurance for Europe's platform economy — shared mobility and gig work. As a licensed broker, it builds cover around how vehicles and workers are actually used, embeds it in operators' systems, and runs policies and claims while established insurers carry the risk.
The numbers. Cachet has grown more than twofold year on year, and 2025 was its first full year of positive EBITDA. It is licensed in 16 European markets and supports over 50 platform partners, including Bolt, Voi, RydeDealroom has a profile for this one. Try Dealroom →, and Turo.
What's the money for? The capital will fund product development and a larger sales team. Cachet is adapting its offer to employer-of-record models and building support for autonomous mobility as it appears in Europe.
What's the endgame? Part of the round will go into Cachet's risk-control engine, which turns live operating data into guidance partners can act on while a policy runs. The aim is to prevent incidents, not only pay for them. "We are building the adaptive insurance infrastructure for what comes next," said CEO and co-founder Hedi Mardisoo.
Why Spintop? The deal is Spintop's first in Estonia. "There is a lot of noise right now from insurance start-ups burning capital to buy growth at high valuations," said partner Erik Wenngren. "Cachet has taken the opposite route: build the infrastructure, reach profitability, then raise to go further and faster."
The signal: At €11 million, Cachet's round sits in the top 7% of all-time early VC rounds for big data companies in Estonia, a sign of investor appetite for capital-efficient InsurTech built around live data rather than annual policies.
Read more: startupmafia.eu
Image credit: Cachet
