The Institut Català de Finances is continuing to drive Catalonia’s entrepreneurial ecosystem. Through IFEM Innovació, the Catalan public financial institution has funded insurtech Weecover with a €200,000 equity loan to unlock its business development.
The financing transaction is part of the investment round the start-up closed in late 2021 with Nauta Capital as lead investor.
Weecover was set up by Jordi Pages and Rafael Gallardo in Barcelona in 2019 with a plug-and-play insurance solution. In other words, a tool which enables companies to build customised insurance products into their sales processes both online and offline. Weecover is easily embedded via a self-developed platform and allows customers to take out insurance products quickly and conveniently on the website where they buy the product.
Jordi Pages, co-founder and CEO of Weecover, said: “We are very excited about this agreement with the ICF which will mean we can continue growing the business in Spain, where we already have a core customer base, and also expand our model to other markets.”
Emili Gómez, director of Venture Capital at the ICF, stressed “the flexibility of building insurance into the product purchasing process. Weecover has come up with a solution which adds value for the product and the end customer alike.”
Through IFEM Innovation, the ICF co-finances companies in the initial or early stages of growth. Since this public-private instrument came on stream in 2012, the ICF has injected over €23 million into 143 start-ups.
About ICF
The Institut Català de Finances is the Catalonia public financial institution. Its mission is to foster funding for the business community in Catalonia in order to support the growth, innovation and sustainability of the Catalan economy. The ICF is complementary to the private sector by offering a wide range of financing solutions focusing on loans, guarantees and venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB), which brings together public banks and financial institutions operating in Europe.
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