Wopta Assicurazioni, an InsurTech MGA established to support businesses and professionals against everyday risks, has successfully closed a €4.1m Series A funding round.
This raise brings the total amount raised by the company since its inception to approximately €8m, according to InsurTech Insights.
The Series A funding round saw participation from a club deal named “Asset Plus srl,” which has brought together over 30 Italian families and business angels, including Holding B3 (Calzedonia Group), the Macchi family, the Cammi family, Ettore Riello, Davide Parenti, Massimo Ambrosini, and Cristina Parodi.
Existing investors such as CNA – Confederazione Nazionale Artigiani, Key Capital Venture, Cordifin Spa, and Carlo Fagioli also participated.
The newly raised funds will be used to expand the Italian firm’s range of products, extend its distribution network, and launch new solutions for personal lines, including car insurance. Additionally, Wopta plans to expand its presence through targeted acquisitions in the Italian and European insurance markets.
Wopta also revealed its impressive 2023 financial results, demonstrating a threefold increase compared to the previous year. The company reported over €3m in intermediated premiums, €1.4m in total revenue, and a clientele of 180,000. This growth underscores the effectiveness of Wopta’s business model.
Vincenzo Macaione, founder and CEO of Wopta Assicurazioni, commented on the news, “2024 represents an important milestone in our journey, thanks to the trust that major Italian investors, who have entered the company’s capital, have placed in Wopta, confirming our commitment and value in the insurance market. The phygital business model, which we adopted from the beginning, has proven successful and has been recognised by both new shareholders and our over 180,000 clients.
“Bolstered by the recognition received, our results, and active partnerships, we aim to continue our growth alongside the country’s real economy, further innovating our solutions and strengthening our presence both in Italy and beyond,” he continued.
Wopta has also initiated activities for the next Series B round, aimed at further strengthening growth.
This includes expanding the range of products, extending the distribution network, and launching new solutions for personal lines, including car insurance.
Additionally, the company plans to expand its presence through targeted acquisitions in the Italian and European insurance markets.
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