Brazilian InsurTech startup 180° Seguros has netted $31.4m in its Series A funding round, which was led by 8VC.
Contributions to the round also came from Dragoneer, Monashees, Atlantico, Quartz and Norte.
This Series A round is one of the largest of its type raised by an InsurTech in Latin America.
With the capital, the company hopes to expand its team of 50. It will also look to create joint ventures and expand the number of strategic partnerships it has with startups, retailers and companies that are looking to add digital insurance experiences.
Founded in 2020 by Mauro Levi D’Ancona, Alex Körner and Franco Lamping, the company operates a B2B2C model that helps companies sell insurance products digitally. 180° Seguros analyses each distribution channel to uncover opportunities to create unique products in the customer journey.
Since it was launched, the company has released nine new products and services in eight different channels. Among these is the first home insurance in Brazil that has a points-based assistance program, and the first insurance with intermittent coverage in Latin America for vehicle belongings.
180° Seguros CIO and co-founder Alex Körner said, “Digital transformation is a necessary process that has been redesigning the insurance industry in recent years. It has always lagged a bit behind compared to the financial industry in Brazil, but with the digitalization forced by the pandemic, this has become an urgent and strategic agenda for insurers and also for new distribution channels that need to diversify their revenues.”
Earlier this week, Betterfly became the first social unicorn in Latin America. The company, which offers life insurance policies, closed its Series C round on $125m.
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