Insurtech 180º Seguros receives R$44 million investment
In early May, Brazilian insurtech 180° Seguros announced a R$44 million capital injection following a seed investment round led by Canary and supported by US funds Dragoneer and Rainfall.
Founded in October 2020, the startup was created by Mauro Levi D'Ancona and Alex Körner, both former Nubank professionals, as well as Franco Lamping, former head of Santander’s insurtech division, with the goal of changing the Brazilian insurance market via its B2B2C business model, also known as embedded insurance.
In other words, 180º Seguros acts as an middle-man between insurers and companies, identifying the best insurance plans and products for clients. Counting on 25 employees, the startup handles all communications and insurance planning with clients and generates revenue via a 10 to 30 percent commission per sale.
With this new capital injection, the startup plans to double the size of its team to 50 people by the end of 2021, as well as consolidate its business model and services, with a special focus on developing products and a cutting-edge customer service experience.
Amid the Covid-19 pandemic, the insurance market has suffered a boom in 2020, which was further increased by a very positive agenda from the Brazilian regulatory body, the Superintendence of Private Insurance (Susep).
“We are very proud to support 180° since its first steps. Mauro, Alex and Franco have a lot of experience in both the insurance and startups sectors and the necessary abilities to revolutionize the way Brazilians acquire insurance.”, stated Marcos Toledo, partner of the venture capital fund Canary. “The business model they've created also allows for synergies with companies from different sectors, with the potential to generate large deals.”, he added.
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