WEECOVER, the Spanish market leader in embedded insurance, has just closed a €4.2 million round of financing to undertake its growth and international expansion plans.
This second round of investment in the company has been led by Swanlaab Venture Factory and existing investor Nauta. La Roca Capital, Bankinter, Prosegur and Íope Ventures (investment vehicle of Telefónica Seguros and Wayra) also participated in the round, as well as several previous investors such as Astorya VC.
Weecover, an insurtech leader, founded and led by entrepreneurs Jordi Pages and Rafael Gallardo, provides a wide range of APIs and technology solutions to connect insurers consumer distributors in a fast, competitive and secure way. Its Insurance as a Service (IaaS) platform makes it possible to offer insurance products and services via retail companies, e-commerce platforms, financial institutions and digital applications in an agile and simple way.
With a customer-centric vision and a multi-product and multi-company conception, the Weecover platform offers insurance and contracting solutions, together with service and after-sales operations, to cover the entire insurance distribution process. It is positioned in the market as an optimal solution for new insurance distribution channels, through the development of embedded insurance and the optimisation of existing channels by the various local and global insurance companies and brokers.
Weecover’s unique solution allows any consumer distributor to implement an insurance offer and contracting proposal for its retail, banking and finance businesses in weeks, adapting the processes to the distributors’ operations and guaranteeing the best security, privacy and performance standards. The Weecover platform is now able to incorporate generative AI developments into its operational processes, optimising customer service and reducing costs.
Weecover already operates with the main retail and financial distributors in Spain, such as PcComponentes, FNAC, Decathlon, seQura and insurance companies such as Mapfre, Línea Directa or Lagunaro. Weecover is also present in other international markets such as Portugal, France, Andorra and Mexico. By the end of 2024, its platform transacted more than 100,000 insurance contracts per year and is used by clients from different sectors that rely on Weecover to offer, contract and provide after-sales insurance and protection services to their customers.
The company currently has 20 employees and plans to add more, mainly in marketing, sales and technological development, with the aim of consolidating its leadership position in Spain and deploying the operation outside Spain.
Jordi Pagés, CEO of Weecover, said: “Having the backing of funds such as Swanlaab or Nauta allows us not only to accelerate our expansion plans, but also to strengthen our value proposition and continue to offer innovative solutions to our clients. We are excited about the future that lies ahead in the insurance sector.”
Jordi Viñas, General Partner at Nauta, said: “Since Nauta invested in Weecover in 2021, we’ve had the pleasure of watching the company and the team grow and mature. We see that the insurance industry continues to adapt as consumers want easy access to a broader base of products. We’ve been impressed by the traction Weecover’s solution has had amongst a varied group of customers looking to offer insurance products embedded in their sales process. By enabling the seamless addition of insurance to its clients’ existing offering and thereby increasing their clients’ profits, Weecover has become a must-have product for those clients. Hence, we’re very optimistic about the future of the company.”
Juan Revuelta, Partner at Swanlaab, commented: “At Swanlaab, we are excited to join Weecover in this new stage of growth, betting on its differential technology to optimize the implementation of Embedded Insurance with ease. We firmly believe in the promising future of this space within Insurtech and in Weecover’s ability to lead this transformation thanks to its market vision. It is a sector full of opportunities and we are confident that Weecover will play a key role in its development. Furthermore, the team’s in-depth knowledge of the insurance sector, led by Jordi Pagés, is a truly unique asset compared to the competition.”
Read the orginal article: https://ffnews.com/newsarticle/funding/weecover-closes-e4-2m-round/
