Romanian insurance broker Otto Broker de Asigurare, founded by local investor Victor Sraer, will get a EUR 4 million investment from investment fund The Foundations 1.0 SEE (TF1).

The insurance broker needs to get the financial market regulator ASF’s approval for the transaction. This is the first deal of this kind on Romania’s insurance brokerage market, according to the company.

Otto Broker de Asigurare plans to use the money to accelerate its development and to invest in people and technology.

“We aim to enter the Top 10 insurance brokers in Romania in 2016,” said Victor Sraer, who is also the company’s managing partner.

In 2014, Otto Broker de Asigurare was 22nd on the market, with total intermediated premiums worth some EUR 11 million and a 1.1% market share. To get to the top 10, it would need to at least double its market share.

TF1 is a private equity fund that became operational in 2014. It invests in small and medium companies in Romania, Bulgaria, Moldova, and Serbia. The fund is backed by the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD).