German insurance technology startup Element Insurance has raised 23 million euros ($26.2 million) in Series A funding round.

Element will use the money raised to strengthen its network and begin expanding into new industries especially international markets in 2019.

The investment came from SBI Investment, SBI Insurance Group, a Japanese investment arm of SBI Group, German investment firm Engel & Völkers Capital, Spanish-based Alma Mundi Ventures with participation from SIGNAL IDUNA.

With this new capital raised, Element will also support the development of its technology platform and the automation of relevant functions.