Meet Hedi Mardisoo from Cachet
Q: Please introduce yourself and your startup, Cachet.
A: I’m Hedi Mardisoo, the CEO and co-founder of Cachet. We’re an insurtech that crafts tailored insurance solutions for the platform economy. This includes insuring shared assets like cars and electric scooters, as well as addressing the insurance needs of gig workers like ridehail drivers and couriers. We aggregate unique data that isn’t typically available to insurance companies, converting it into insights for crafting customized insurance solutions. Since our inception in 2018 and market launch in 2019, we’ve been dedicated to offering digital, automated, and streamlined insurance processes. Based in Estonia, we’re licensed brokers with a presence across the EU and are currently expanding into the Nordic region.
Q: What inspired the creation of Cachet?
A: The inspiration came from combining my background in banking, IT, and information sciences with my co-founder’s experience in politics and platform-economy regulations. We observed that loyalty is scarce in the platform economy. For instance, ridehail drivers often work with multiple platforms. This led us to understand the scattered nature of data in this sector and its challenges in insurance. Aggregating and harnessing this scattered data became our mission. We turn data into a tool so people and assets in the platform economy can be insured efficiently, fairly, and flexibly. This approach has spawned many partnerships with top insurance companies and platform operators. We’re quite proud of the impact we’ve made so far.
Why Plug and Play?
Q: How did Plug and Play become involved with Cachet?
A: Plug and Play actually found us – during the Covid pandemic, no less. We were accepted into their insurtech cohort, but coronavirus restrictions meant it couldn’t be held live. Plug and Play is trusted by many insurance companies. This reputation was a key factor. As a young company eager to scale and deepen our grasp of the insurance industry, their network and expertise were exactly what we needed.
The Application Process and Funding at Plug and Play
Q: Could you share insights into the application process for Plug and Play?
A: Plug and Play may have approached us first, but we still went through their standard application process. The interactions were positive, and their reps were engaging. We learned a lot. Plug and Play’s questions helped us hone in on aspects of our business that were important to showcase. Previously, we’d been part of Techstars London with Barclays Bank, which was focused on fintech. Plug and Play’s deep focus on insurtech gave us specific insights and connections. The program was invaluable, and I’m in touch with several mentors from there.
Q: Did Plug and Play offer any funding when you joined their program?
A: No. At one point, they did consider investing, but it didn’t materialize. I don’t quite remember the reason. Ultimately, we closed our funding round independently, so Plug and Play is not on our cap table.
Cachet’s Experience with the Plug and Play Program
Q: Can you describe a typical day in the Plug and Play program?
A: The program wasn’t as intense as others, like Techstars, which felt like a full-time job. With Plug and Play, it was manageable alongside regular work. Personal mentoring sessions and broader group sessions were outstanding. We could choose our mentors, as well as the companies we wanted to engage with more deeply. This was really useful.
Q: How did you find mentors during the program?
A: I believe we were given a list and some guidance to help us choose. Mentorship was a crucial part of the experience.
Q: Reflecting on the program, what aspects do you think were most valuable?
A: The network and the contacts we made, especially with mentors, made the biggest impact. While Techstars has a more active post-program network, for us, the mentoring sessions during Plug and Play were the most beneficial.
Areas for Improvement in Plug and Play
Q: Were there aspects of the program that could have been improved?
A: There was a lack of strong synergies with other startups in our cohort, due to the Covid situation and the digital nature of our interactions. I also think more involvement from different insurance companies, not just those scouting for startups, would be beneficial. This would allow for a broader understanding of organizational functions and smoother navigation within larger companies.
Q: How do you think Plug and Play compare to other accelerators like Techstars?
A: It’s hard to make a fair comparison, because my experience with Plug and Play was entirely digital due to the pandemic. Techstars was more interactive physically, creating different bonds and a more intense experience. With Plug and Play, it was more about opening and closing the laptop to participate in very interesting sessions, but asap this ended you went back to your own reality, which made the experience feel quite different.
Cachet’s Progress Post-Accelerator
Q: Can you share Cachet’s achievements post-Accelerator?
A: We’ve seen significant growth since the accelerator program. We’ve raised funding and expanded into new markets and scaled up existing ones.
Q: Did participating in Plug and Play help expand your professional network?
A: It sure helped and I am still in contact with a few mentors. But my role as a speaker at various conferences played a more significant part in strengthening relationships and expanding our network.
Q: Does your current success closely correlate with your Plug and Play participation?
A: It’s difficult to quantify the impact. An accelerator like this adds a level of competence and understanding that aids in further progression. While it’s hard to pinpoint specific activity that led to more success, we learned a lot from Plug and Play and gained substantial value.
Q: Do you feel Plug and Play prepared you for your startup’s next milestones?
A: I haven’t sought Plug and Play’s assistance in this regard, but am certain they’d be helpful. We’ve managed well on our own, but it’s reassuring that we can lean on them if needed.
Advice for Aspiring Accelerator Participants
Q: Do you have any advice for those looking to apply to Plug and Play or other accelerators?
A: Think carefully about why you want to join. List the things you hope to gain and also consider what might be left undone due to the time commitment required. This helps determine if joining an accelerator is the right move. Remember that insurance companies, banks, and financial institutions supporting these accelerators have their own interests. It’s important to align with these while also pursuing your own goals. Accelerators provide a great platform for pitching to different incumbents. Keep this in mind when you apply, and it can lead to excellent collaborations.