Cachet Raises €11 Million Led by Spintop Ventures to Insure Gig Workers and Shared Vehicles

Most startups raise money long before they make any, but Cachet did the reverse. The Estonian insurance company, which designs cover for shared mobility and gig platforms, reached profitability first and has now raised €11 million, its first outside investment since then.

Spintop Ventures led the round, and existing investors Truffle Capital and Icebreaker.vc also took part. The company's earlier funding includes about €1.1 million in 2020 and a €5.5 million round in 2022 led by Truffle Capital.

What Cachet Does

Cachet is a licensed insurance broker based in Tallinn. It builds cover around how vehicles and workers are actually used, builds that cover into the systems of platform operators and runs the policies and claims, while established insurers carry the risk. It is licensed in 16 European markets and supports more than 50 platform partners, including Bolt, Voi, Ryde and Turo. The company says it has more than doubled year on year, and reports describe 2025 as its first full year of positive operating earnings.

Where the Money Goes

The funds are for product development and a bigger sales team. Part will go into a risk-control engine that turns live operating data into guidance partners can act on while a policy is running, with the stated aim of preventing incidents and not only paying for them. Cachet is also adapting its offer to employer-of-record models and building support for autonomous mobility as it appears in Europe.

The Investor View

Spintop partner Erik Wenngren contrasted Cachet's approach with insurance startups that spend heavily to buy growth at high valuations. His comment is an investor's view, not a measured result, but it shows what the lead valued: infrastructure first and profit before capital.

Why the Timing Matters

Insurance is a business where growth can hide losses, because a policy sold today may only show its true cost when claims arrive months later. A company that has already shown positive operating earnings has had time to see how its claims behave, which gives a new investor more to examine. Cachet's focus on turning live data into warnings for partners is an attempt to improve that loss record, and it is the part of the plan investors will watch most closely.

What This Means for Founders

Raising after reaching profitability gives a founder more choice. The company can decide how much to raise, take less dilution and set terms from a stronger position than a company that is running out of cash. The trade-off is slower early growth, since a profitable company often grows more carefully than one funded for speed.

If you are raising a Series A, show how many months of cash you have and what you would do with extra capital. Understand how dilution changes if you raise less than the market offers, and ask each lead investor how it values profitability against growth.

Browse the fintech investor directory for more active funds, read the baseline mechanics of a limited partner if the term is new, or explore active capital on AngelLinx @ angellinx.ai/register.

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