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Tallinn insurtech Cachet adds a Spintop Ventures-led round, lifting total funding to about €11M for mobility and gig platform insurance after a profitable 2025.
Key Takeaways
- Cachet's total funding reaches about €11M after a round led by Spintop Ventures in October 2026.
- The company posted positive EBITDA for all of 2025 and more than doubled in size.
- Valuation was not disclosed; Truffle Capital and Icebreaker.vc returned as existing investors.
Lead
Cachet, a Tallinn-based insurance broker for shared mobility and gig platforms, has raised new funding led by Nordic fund Spintop Ventures, bringing its total capital raised to about €11M. Existing backers Truffle Capital and Icebreaker.vc also took part. The announcement came on 14 October 2026 and marks the company's first outside investment since it turned profitable. Valuation was not disclosed.
What Does Cachet Actually Sell?
Cachet sells insurance coverage that sits inside the apps of other companies. It is a licensed broker, not an insurer, so established carriers hold the underwriting risk while Cachet builds the policies, handles pricing logic and manages claims through the platform's own systems. Founded in 2018, it counts more than 50 platform clients across 16 European markets, among them Bolt, Voi, Ryde and Turo. Micromobility trade outlet ZAG Daily reported that the book covers 331,000 assets, mostly cars and micromobility vehicles.
The model matters because shared-vehicle operators and gig platforms face usage patterns that conventional annual policies handle badly. A scooter is rented for eleven minutes, a delivery courier works three hours on a Tuesday. Cachet prices and issues cover at that granularity, which is what its "adaptive" label refers to.
How Large Is the Round, and What Does It Say About the Last One?
The announcement leads with cumulative funding rather than the size of the new cheque. ZAG Daily put the new round at €4.5M. The previous round was €5.5M in 2022, led by Truffle Capital, according to The Next Web. Together those two figures account for most of the €11M total, which implies earlier seed capital of roughly €1M.
Four years separated the rounds, which is long for a venture-backed startup. The gap is explained by the company's own numbers: Cachet reached positive EBITDA across 2025 and more than doubled its size over the year. A company that does not need to raise tends to raise on better terms, though without a disclosed valuation, that remains an inference. A €4.5M round is also modest next to the capital typical of insurtechs that carry balance-sheet risk, which Cachet, as a broker, avoids.
Why Did Spintop Lead Now?
Spintop led because the company has shown unit economics in a niche where most insurtech peers have not. Chief executive and co-founder Hedi Mardisoo attributed the profitability to "a combination of our business model, disciplined cost control and automation," as quoted by ZAG Daily. Broker economics, with commission income and no claims reserves, make profitability easier to reach than for risk-bearing insurtechs, but it still required scale across dozens of platforms.
For an investor, the appeal is a revenue base that grows with its clients' usage. Concentration is the counterweight. Bolt and Voi are large accounts in a sector where operators have consolidated, and the loss of a major client would register quickly.
Where Will the Money Go?
The funds are earmarked for product development, sales hiring and tools that help fleet operators reduce risk, which in turn lowers claims costs. ZAG Daily reported expansion in France and Germany as a priority. Cachet also plans coverage for employer-of-record models, where a platform employs workers on behalf of clients, and for autonomous mobility. Auve Tech, an Estonian autonomous shuttle maker, appears among its named partners.
Mardisoo framed the direction as "adaptive insurance infrastructure for what comes next, from shared and autonomous vehicles to distributed work and AI liability." The autonomous and AI liability lines are the least proven. Loss data for driverless vehicles is thin, and insurers that carry the risk will price cautiously until it accumulates.
What Comes Next for Cachet?
Cachet's near-term test is whether growth holds as it enters larger markets with entrenched local insurers and brokers. France and Germany have heavily regulated insurance distribution and established competitors, so sales cycles will be longer than in the Baltic and Nordic markets where the company started.
A second test is whether insurer partners accept new product categories at acceptable prices. If they do, Cachet can widen its addressable base beyond scooters and cars. If they do not, the company remains a profitable but bounded mobility specialist.
Outlook
Cachet enters its next phase with a profitable base, a Nordic lead investor and about €11M raised in total. The disclosed facts support a story of disciplined growth rather than aggressive capital deployment. Valuation, revenue and the exact size of the new round remain undisclosed, which limits outside judgment of the terms. Expansion into France and Germany and the move into autonomous mobility will show whether the broker model scales beyond its current European footprint.
