The Tallinn startup Cachet has closed a EUR 4.5 million funding round, Invest in Estonia reports, citing the company's own announcement and FOMO.Observer. The Nordic venture capital firm Spintop Ventures led the round, and the existing investors Truffle Capital and Icebreaker.vc joined it. With this money Cachet has raised around EUR 11 million in total.
Cachet builds insurance for businesses whose risk changes from one trip or job to the next, such as ride-hailing, delivery and car-sharing platforms. Its customers include Bolt, Ryde and Turo. According to the article, conventional policies are usually priced for a year and arranged separately in each country, while Cachet instead designs coverage around how people work and which vehicles or other assets they use.
The company connects its products to the operators' own systems and handles policies and claims; established insurers carry the risk itself.
Cachet is licensed in 16 European markets and more than doubled its growth compared with the previous year. The company said 2025 was its first full year with positive EBITDA, so the new round is its first outside investment since turning profitable. It has insured nearly 2 billion minutes of mobility, covers more than 310,000 assets and works with more than 50 platform-economy partners.
The money will go into product development and a larger European sales team. Cachet is also adapting its products to new forms of platform work, among them employer-of-record services, and preparing for autonomous mobility in Europe.
Source: Invest in Estonia, . The text above is our own summary; the words in quotation marks are the source's.
What this means for an Estonian entrepreneur
For an Estonian startup the round shows the usual path of a growing company: a lead investor joins while earlier investors take part again, and each round changes who owns what. Founders who plan such a round should agree in writing in advance how new shares are issued, what rights earlier investors keep and how decisions are made, so that the next round does not reopen the whole ownership structure.
A shareholders' agreement sets out in advance how new investors join and what rights the existing shareholders keep. Shareholders' agreement