Tallinn’s Cachet passes €11 million as Spintop leads new round

Cachet, based in Tallinn, has brought in new investment led by Spintop Ventures. With this round, capital raised by the company stands at roughly €11 million. Earlier investors Truffle Capital and Icebreaker.vc took part again.

The firm arranges cover for ride-hailing services, scooter operators and gig-work applications. It is licensed as a broker, while established insurers carry the underlying risk. Cachet designs each policy around how a vehicle or worker is actually used and connects that cover directly to the client’s software. It also handles administration and claims.

Annual policies written for a single country sit poorly with app businesses, where exposure changes from one trip to the next. Cachet is authorised in 16 European markets and works with over 50 platforms, including Bolt, Voi, Ryde and Turo. Fellow Tallinn company Bolt has collected €220 million while preparing a stock-market listing.

During the last twelve months Cachet grew to more than twice its previous scale. It also posted an operating profit on an EBITDA basis for the whole of 2025, a first for the business.

Proceeds are earmarked for product development and additional sales people. The company intends to insure newer arrangements in platform labour, including employer-of-record structures in which another firm is the legal employer. It also expects to insure autonomous cars once they operate on European streets, including driverless services in Finland.

A share of the capital will build software that watches a customer’s fleet in real time and advises on cutting risk while a policy is still running. The aim is to stop losses before a claim, not only to compensate them afterwards. That system started in the Nordic countries and is due to expand to further markets.

Chief executive and co-founder Hedi Mardisoo framed Cachet as infrastructure for insurance that adjusts to shared transport, autonomous vehicles, distributed work and liability linked to AI. Spintop partner Erik Wenngren said many insurance newcomers spend heavily to chase growth at rich valuations, while Cachet has chosen another path. He added that the deal is Spintop’s first in Estonia. Mardisoo and Kalle Palling started the company in 2018. Its previous raise, €5.5 million in 2022, was led by Truffle Capital.