€4.5m · Other round · Fintech, Transportation · Tallinn, Estonia
Tallinn-based Cachet has raised €4.5m in equity financing led by Spintop Ventures, with existing investors Icebreaker.vc and Truffle Capital participating. The licensed insurance broker will use the capital to expand its product offering and sales team, deepen its European presence and develop cover for employer-of-record platforms and autonomous mobility. The round takes total capital raised to about €11m.
Making insurance follow how platforms operate
Cachet designs and manages insurance for ride-hailing, car-sharing, micromobility and other platform businesses, while established insurers carry the underwriting risk. Its software connects policies, claims and operational data to how vehicles and workers are actually used. That differs from a conventional annual policy: one shared vehicle can have several users in a day, and a gig worker can move between platforms or types of work.
The commercial mechanism is integration depth. Each platform connection gives Cachet more operational data and insurance experience to reuse across pricing, claims and risk control. Chief executive and co-founder Hedi Mardisoo told Zag Daily that this lets the company grow without costs rising at the same pace. For customers, the proposition is not simply cheaper cover; it is insurance administration and loss prevention embedded in the systems that already run fleets and platform work.
Cachet says it works with more than 50 platform partners across 16 European markets, including Bolt, Voi, Ryde and Turo. Spintop reports that the company has insured nearly two billion minutes of mobility and now covers more than 310,000 assets. Those are company and investor figures, but they show the operating scale behind the next product and sales push.
Raising after profitability
Cachet says 2025 was its first full year of positive EBITDA after revenue more than doubled year on year. This is its first external financing since reaching profitability, which changes what the round has to prove. The capital is supporting expansion from an operating base that already covers several mobility segments rather than funding an untested insurance proposition.
The execution challenge is carrying that data-driven model into new categories without turning each market and platform into a bespoke insurance programme. Employer-of-record services, autonomous vehicles and AI-related liabilities create different risk and regulatory questions. Cachet's advantage will depend on whether its broker relationships, software and accumulated operating data can be reused across those categories while established carriers remain willing to underwrite them.
Sources checked:
Spintop Ventures announcement · Zag Daily · Cachet product information · Cachet pricing information · Tech.eu Funding Explorer
Image: Cachet, via Spintop Ventures.
