- The investment will provide the necessary support for the insurance startup to drive the strategy of consolidating its insurance as a service business model;
- Founded last year, 180° operates through a B2B2C model.
180° Seguros, Brazil‘s new insurance and assistance startup challenger, announced it has raised a $8 million Seed round led by Canary, Dragoneer, and Rainfall funds. It is the largest round ever recorded in startups in the insurance sector in Brazil and Latin America, it says, according to venture capital firms’ data gathered by 180° Seguros.
The investment will provide the necessary support for the insurance startup to boost the consolidation strategy of its insurance as a service business model, with a focus on product development and customer experience, in addition to a first-rate internal team.
The company does not disclose its valuation. “More than thinking about the brand value, we want to focus on facilitating the offer of service channels that are part of the insurance consumer’s journey and helping to change how it is consumed in Brazil, ” said 180° CEO and co-founder, Mauro Levi D’Ancona, former Nubank executive, to LABS.
Founded last year, 180° operates through a B2B2C model, providing a solution for companies to be able to sell insurance and assistance products digitally. With its own methodology, 180° studies each distribution channel, identifying opportunities to create products with the sale of insurance to the end user, the so-called embedded insurance.
With the new fundraising, 180° will implement its plan to develop new insurance solutions. “We are departing from zero, so we still have a lot to achieve, especially considering the low insurance penetration among Brazilians, which is below 5%. To this end, the 180° Seguros team has 25 professionals on the team who bring previous experiences in large startups and companies in the finance and insurance sector, such as Google, Banco Santander, Nubank, SumUp,”says the CEO.
D’Ancona plans to reach 50 people on his team by the end of the year to serve current customers and expected organic growth. 180° today has more than 20 clients, including consolidated and listed companies, startups, and unicorns, from sectors such as real estate, finance, benefits, and retailers.