Tallinn startup Cachet, which sells insurance to ride-hailing, scooter, and gig-work apps, has closed a funding round led by Spintop Ventures. The deal raises its total capital to about €11 million.
Moreover, Truffle Capital and Icebreaker.vc, both earlier backers, joined the round.
Cachet acts as a licensed broker rather than an insurer. Its policies are shaped by real use of each car, scooter, or worker, and they plug straight into the apps. Cachet runs the policies and claims, and large insurers take on the risk.
Standard cover, by contrast, is set once a year and in one country at a time. On an app, the risk shifts with every ride.
Cachet holds licences in 16 European markets and has more than 50 platform clients, among them Bolt, Voi, Ryde, and Turo. Bolt, also from Tallinn, has raised €220M as it prepares for a stock market listing.
The company said it more than doubled in size over the past year. It also recorded an operating profit, measured as EBITDA, for the first time across all of 2025.
The new cash will go on product work and more sales staff. Cachet wants to cover new forms of platform work, such as employer-of-record set-ups, where a third party is the workers’ legal employer.
It also plans to cover self-driving vehicles as they reach European roads, such as driverless cars in Finland.
Some of the money will fund a tool that reads live data from a client’s fleet and tells it how to reduce risk during the policy period.
The goal is to prevent incidents rather than only pay out after them. Cachet first used the tool in the Nordic countries and now plans to bring it to other markets.
“We are building the adaptive insurance infrastructure for what comes next, from shared and autonomous vehicles to distributed work and AI liability,” said Hedi Mardisoo, Cachet’s chief executive and co-founder.
“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,” said Erik Wenngren, a partner at Spintop Ventures.
The deal is Spintop’s first investment in Estonia, Wenngren said. Mardisoo and Kalle Palling founded Cachet in 2018, and it last raised €5.5 million in 2022, in a round led by Truffle Capital.