Weecover, the insurtech startup specialising in embedded insurance, has closed a €2.3M Seed round. The investment was led by Nauta Capital, a venture capital firm with a history of investing in startups such as Holded, Privalia, and Brandwatch.
The Spanish insurtech company has created a plug-and-play insurance solution that allows companies to embed customised insurance products seamlessly into their sales processes, both online and offline.
Through its API-first platform, Weecover easily integrates with both its channel and insurance partners’ offline and online processes, enabling full digital insurance underwriting and on-boarding capabilities. Currently offering a wide variety of insurance products from mobility, retail, payment protection to health, Weecover’s mission is to enable every company to offer insurance products seamlessly.
Weecover was founded by Jordi Pagés and Rafael Gallardo more than two years ago and has already formed significant insurance partnerships with key players in the insurance industry, including Zurich, Catalana Occidente, Allianz, Mapre, AXA, Segrup and Helvetia.
With this backing, Weecover can provide a well-balanced offering that caters to the needs of companies and their end users. In 2021, Weecover established B2B channel partnerships with multinational companies such as FNAC, SEAT, PC Components, Bip & Drive, Opera, Ray Motors, Garanti Plus, Payin 7 and Payflow. Thanks to this and the technology developed by Weecover, end users can acquire insurance for products during purchase, a process which is fast, comfortable, and secure, without any cumbersome procedures.
Weecover CEO, Jordi Pagés has an extensive background in insurance, having worked at the Zurich insurance group as one of the distribution directors in Spain and Europe.
Pagés says: “The new funding allows us to increase our presence in European markets while strengthening the organisation by incorporating new talent”.
Rafael Gallardo, Weecover’s CDO, emphasises that a key element of this investment round will be the push towards a constant technological renewal. Technology was the “engine of the company” and a “differential point” of a firm. Weecover revolutionises the insurance sector by establishing embedded insurance, a type of policy which integrates the acquisition of insurance into the purchase of a product or service.
Jordi Vinas, Nauta Capital’s Barcelona-based General Partner, said: “We invest in companies that we believe will significantly change sectors with new business models. For us, Weecover fits perfectly into this approach. The insurtech firm knows the industry inside out and understands the formula to expand company reach, through the offering of a truly embedded insurance solution.”
About Weecover:
Weecover revolutionises the insurance sector by establishing embedded insurance, a type of policy which uses a 100 percent digital contracting process to integrate the acquisition of insurance into the purchase of a product or service. Thanks to exclusive technology, any digital platform or physical store can offer immediate activation insurance. Acting as a point of differentiation for Weecover, this product development has transformed the insurance sector. For more information, visit https://weecover.com/en/
About Nauta Capital:
Nauta Capital is a pan-European Venture Capital firm investing in early-stage technology companies, with offices in London, Barcelona. and Berlin. With over half a billion assets under management and a team of 24 people, Nauta Capital is one of Europe’s largest B2B focused VCs.
As a sector-agnostic investor, Nauta’s main areas of interest include B2B SaaS solutions with strong network effects, vertically focused enterprise tech transforming large industries as well as those leveraging deep-tech applications to solve challenges faced by large enterprises. Nauta has backed more than 60 companies across Europe and exited 12. For more information, visit https://nautacapital.com/
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