Madrid-based InsurTech startup Tuio has raised $16.7m in a funding round that combined equity and debt, as it looks to enhance the service it provides to its clients.
The financing was led by MassMutual Ventures, with additional participation from BlackRock, BAMCAP Ventures, Extension Fund, and other undisclosed investors, according to InsurTech Insights.
The startup plans to use the newly raised funds to further its structural investments.
Additionally, the company aims to capitalise on its close path to profitability, allowing it to allocate resources towards innovations that improve customer experience and operational efficiency.
Founded in 2021, Tuio operates as a managing general agent (MGA), providing digital insurance solutions across home, life, and pet insurance.
With a user-friendly platform, it has been likened to industry disruptor Lemonade. Since its inception, Tuio has grown its customer base to over 45,000 and expanded its presence in Spain by acquiring Luko’s book of business in the country last year.
Ryan Collins, managing partner for Europe and Asia Pacific at MassMutual Ventures, expressed his enthusiasm for Tuio’s trajectory, stating, “We are delighted to support Tuio in this critical phase of growth. We were very impressed by the caliber of the leadership team and their vision for the industry. We believe that using technology to improve customer experience and drive operational efficiency positions them well to be the leading insurtech in Southern Europe.”
In a joint statement, Tuio’s founders, Josemaría Lucas, Asís Pardo, and Juan García, emphasised the startup’s positive financial outlook, saying, “Tuio is already very close to profitability. This allows us to adopt an investment model where we can use part of this advantage to focus on structural investments, further enhancing the service we provide to our clients.”
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