The Spanish insurtech SingularCover has raised € 4.5M and becomes one of the top financing rounds raised by a Spanish startup in 2020, a particularly difficult economic year due to the health crisis that is ravaging the world, and the largest amount raised by an insurtech in Spain this year.
The objective of the round is to digitize the entire value chain (distribution, management and claims), incorporate more insurance products to their current offering and combine it with value-added service offers to SMEs, as well as to test new markets to expand in Latin America..
“We are very proud to have achieved this round with investors of this stature worldwide, especially at a time like today. The commitment of large traditional insurers like Liberty Mutual and Mutua Madrileña shows the strength of the project and the knowledge of the insurance sector of the team. The incorporation of new international funds validates the projection of our business model, while having our current investors participate again consolidates their confidence in the future of the company”, affirms Rafael González-Montejano, CEO and co-founder of SingularCover.
Created in 2019, SingularCover responds to the specific needs of small businesses, freelancers and the self-employed offering personalized insurance to cover their risks for every category of business in a simple, fast and transparent way.
Consolidated insurers validate the business model
This new round compliments the one obtained by the company in June 2019 of more than € 1.8M, led by Antai Venture Builder and Global Founders Capital – a venture capital fund with more than $ 1.6 billion in management and investors in leading companies like Facebook, LinkedIn, Zalando, Trivago and Eventbrite.
The most remarkable thing about this round is the bet by two of the main insurers worldwide: Liberty Mutual Strategic Ventures, the corporate venture capital arm of Liberty Mutual Insurance, the sixth largest global property and casualty insurer; and Mutua Madrileña, through its area of Innovation.
"We are excited to partner with the SingularCover team as the company continues to pursue rapid growth in Spain and expand globally,” said Russ MacTough, Managing Director, Liberty Mutual Strategic Ventures. “SingularCover’s digital platform is well positioned to provide small businesses a tailored and streamlined approach to purchasing the insurance coverage that best fits their needs.”
For Mutua Madrileña, “this operation allows us to continue promoting our innovation system, in which we combine internal transformation processes with external innovation provided by insurtechs such as SingularCover. For us, it is very important that it has developed within the Antai ecosystem, with whom we share strategic opportunities” states Ana Faba, Deputy Managing Director of Customers and Digital Channels of Mutua Madrileña.
Additionally, Antai Venture Builder and Global Founders Capital, which led the previous round that served to strengthen the technological platform and develop a specific marketing strategy, have once again shown their trust in the team and the project. The rest of the capital is contributed by other investors, which includes €670,000 from the Centre for the Development of Industrial Technology (CDTI), a Public Business Entity, answering to the Ministry of Economy, Industry and Competitiveness, which fosters the technological development and innovation of Spanish companies.
"Antai Venture Builder's commitment to insurtech started two years ago and without a doubt, SingularCover perfectly exemplifies what we have been looking for ever since, a great team and a fully digital and vertical model that offers SMEs a customized insurance solution solution against their specific risks”, says Miguel Vicente, CEO of Antai Venture Builder.
Fully personalized online insurance
The development of technology and its prolific implementation in companies is allowing for increasingly personalized products and services, offering a superior experience for customers. This is particularly the case for the insurance sector, and more specifically for insurtechs, where investment had reached 5,780 million euros in 2019, a historical maximum for the sector, according to a report by Willis Towers Watson.
SingularCover, recent winner of the Virtual South Summit in the Fintech / Insurtech category, started operations in early 2019 with the clear objective of responding to the specific needs of freelancers, small businesses and the self-employed and, in just a few weeks on the market, “we are already working with almost 2,000 business customers.” The company focuses on solving the risks that are relevant to these groups in a way totally adapted to the specific needs of their business or profession, in a digitized, simple and fast way. Specifically, it starts with a proposal adapted to 400 verticals with businesses such as clothing stores, beauty establishments, hospitality and catering, construction or business offices.
cloud technology axon
THE WISE SEEKER S.L.es una start-up fundada en 2018 por profesionales ...
