Estonian startup Cachet has raised €4.5M to expand its insurance products and European sales team after more than doubling its year-on-year growth. In its funding announcement, Cachet said the round was led by Nordic venture capital firm Spintop Ventures, with existing investors Truffle Capital and Icebreaker.vc also taking part, writes FOMO.Observer. The investment brings the Tallinn-based company’s total funding to around €11M.
Building insurance for platform-based work
Cachet provides insurance infrastructure for the platform economy, serving customers including Bolt, Ryde and Turo. Its products are designed for businesses operating in shared mobility, delivery, car-sharing and other platform-based markets where activity and risk can change from one trip or assignment to the next.
Traditional insurance policies are often priced annually and arranged country by country. Cachet instead designs coverage around how people work and which vehicles or other assets they use. The company integrates its products into operators’ systems and manages policies and claims, while established insurers carry the underlying risk.
Its model combines usage data, analytics and automation to adjust coverage and pricing to operating conditions. Cachet also aggregates data across platforms to build a broader view of risk and uses that information when working with its insurer network.
Expanding across European markets
Cachet is licensed in 16 European markets and has grown more than twofold year-on-year. The company said 2025 was its first full year of positive EBITDA, making the latest round its first outside investment since it became profitable, Spintop Ventures said.
Since its launch, Cachet has insured nearly 2 billion minutes of mobility, while its platform now covers more than 310,000 assets. Its partners include Bolt, Voi, Ryde and Turo, and the company said it supports more than 50 platform-economy partners.
The new capital will support further product development and the expansion of Cachet’s European sales team. The company is also adapting its offering for new platform-based work models, including employer-of-record services, and is building support for autonomous mobility as it begins to emerge in Europe.
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