Brazil-based online insurance broker Minuto Seguros has revealed it has raised $60m in funding since 2011.
The funding, which had previously not been disclosed, has received contributions from Toronto-based investor Intact Ventures and São Paulo-based Redpoint eventures. The two investors have already converted their investments from debt into equity.
Minuto Seguros started out as an online auto insurance broker and since then, it has sold 480,000 policies. The InsurTech has now expanded to offer support for residential, travel, life, accident and business insurance policies.
The company works with 13 insurers including Allianz, Aliro Seguro, MAPFRE, Liberty Seguros, and Tokio Marine. With direct online integration with insurance carriers, Minuto Seguros boasts it can get customer quotes within 30 seconds. Consumers can also use the platform to renew their policies quickly and without the need of human interaction.
Intact Ventures managing director Karim Hirji said, “Minuto Seguros has been able to drastically improve the way Brazilians consume insurance by making the process simpler to understand and easier for its customers to compare different coverage options, complete applications and renew their policies.
“We invest in companies that are redefining the future of insurance and financial services by taking new, innovative approaches to satisfy customer needs, highlighted by our investments in Minuto Seguros in Brazil, Metromile in the U.S. and Acko in India.”
Earlier in the week, e.ventures pulled in $400m across two early stage funds which will invest across the US and Europe. Its US-focused vehicle has a capital pool of $225m and the Europe fund contains the remaining $175m.
Investments will be made between $1.5m and $10m into pre-series A rounds up to Series B.
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