Italian InsurTech startup Wallife has nabbed €12m in its Series A funding round, which it claims is the seventh largest in Europe in the sector during 2022.
United Ventures, an Italian venture capital firm, served as the lead investor to the round. Participation also came from a group of Italian and international investors and business angels, including Aptafin.
Capital from the round will drive Wallife’s international growth, develop new products and bolster the technological infrastructure. The InsurTech company also plans to expand its team.
Wallife was founded in 2020 by Fabio Sbianchi and Maria Enrica Angelone with the aim of protecting individuals from emerging risks arising from technological innovation and scientific progress. The company aims to develop innovative insurance products for existing and unknown risks that traditional insurance has not covered.
Its current areas of interest include genetic manipulation (e.g. the preservation of biological material and genetic identity), biohacking (the use of technologies inside the human body, such as prostheses and implantable medical devices) and the use of digital data (such as fingerprints and facial recognition).
United Ventures managing partner Massimiliano Magrini said, “Scientific and technological progress introduces changes in our lives at an extremely fast pace. In this context, we were attracted by Wallife’s pioneering vision to build the world’s first company capable of providing answers on safety and protection from emerging and unknown risks.
“This investment represents United Ventures’ entry into the Insurtech sector, a highly innovative and fast-growing market.”
Earlier in the year, buy now, pay later service provider Scalapay became Italy’s newest unicorn after closing a $487m Series B funding round.
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