Cachet, a Tallinn-based InsurTech and one of the leading designers of insurance solutions for Europe’s platform economy, has taken its total capital raised to around €11 million following a round led by Nordic venture capital firm Spintop Ventures. Existing investors Truffle Capital and Icebreaker.vc also took part. It is the company’s first outside investment since it became profitable.
The Problem
Shared mobility and gig platforms have grown faster than the insurance built to cover them. Traditional policies are priced once a year and arranged country by country, while the risk on a platform changes with each trip.
Cachet is a licensed broker: it designs cover around how vehicles and workers are actually used, builds it into operators’ systems, and runs policies and claims, while established insurers carry the risk.
The Traction
Cachet has grown more than twofold year on year, and 2025 was its first full year of positive EBITDA. Growth has come from several segments across the 16 European markets where it is licensed, with partners including Bolt, Voi, Ryde, and Turo. The company supports over 50 platform economy partners.
What the Money Is For
The new capital will fund product development and a larger sales team. Cachet is adapting its offer to new ways of working through platforms, including employer-of-record models, and is also building support for autonomous mobility as it begins to appear in Europe.
Part of the investment will go into Cachet’s risk-control engine, which turns live operating data into guidance partners can act on while a policy is running, with the aim of preventing incidents rather than only paying for them. The approach was first proven in the Nordics and will now be rolled out to further European markets.
Hedi Mardisoo, CEO and co-founder of Cachet, said: “We are building the adaptive insurance infrastructure for what comes next, from shared and autonomous vehicles to distributed work and AI liability. We’ve built a strong foothold, supporting over 50 platform economy partners to control their risk and reduce their losses. With this round, Cachet is ready to accelerate and become the insurance partner for these new markets.”
Erik Wenngren, Partner at Spintop Ventures, explained the investment logic: “There is a lot of noise right now from insurance start-ups burning capital to buy growth at high valuations. Cachet has taken the opposite route: build the infrastructure, reach profitability, then raise to go further and faster. What they have built so far, and their ambition for the next step, made them the right choice for our first investment in Estonia.”
About Cachet
Cachet is the adaptive insurance infrastructure supporting the platform economy. Active across 16 European markets, its solutions re-design coverage into a living system supported by the tools to prevent loss long-term. Cachet was founded in 2018 by Hedi Mardisoo and Kalle Palling and is based in Tallinn.
About Spintop Ventures
Spintop Ventures is an early-stage venture capital firm investing in innovative, software-based technology companies from the Nordics, with a track record in enterprise software and deep tech.
