Weecover, Spain’s leading embedded insurance provider, has successfully raised €4.2m in its latest funding round as it sets its sights on international expansion.
The funding round was led by Swanlaab Venture Factory, with participation from Nauta Capital, La Roca Capital, Bankinter, Prosegur, and Íope Ventures, the investment vehicle of Telefónica Seguros and Wayra, according to Finextra. It also included previous backers, namely Astorya VC.
Founded by Jordi Pages and Rafael Gallardo, Weecover provides APIs and technology solutions to connect insurers with consumer distributors seamlessly.
Its Insurance as a Service (IaaS) platform enables retail companies, e-commerce platforms, financial institutions, and digital applications to offer insurance products in an efficient, competitive, and secure way.
The company plans to use the fresh funds to drive its growth and international expansion. Specifically, Weecover intends to strengthen its presence in existing markets like Spain, Portugal, France, Andorra, and Mexico, while also entering new markets.
The tranche will also support hiring efforts, with a focus on expanding its marketing, sales, and technology teams to consolidate its leadership in Spain and broaden its global reach.
In addition to its core insurance technology offerings, Weecover has incorporated generative AI to optimise customer service processes and reduce costs.
Its platform, which currently processes over 100,000 insurance contracts annually, is used by major clients such as PcComponentes, FNAC, Decathlon, seQura, and prominent insurance companies like Mapfre and Línea Directa.
Weecover CEO Jordi Pagés 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.”
Swanlaab Partner Juan Revuelta commented, “At Swanlaab, we are excited to join Weecover in this new stage of growth, betting on its differential technology to optimise 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.”
Nauta General Partner Jordi Viñas added, “Since Nauta invested in Weecover in 2021, we’ve had the pleasure of watching the company and the team grow and mature. 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.”
Weecover previously raised funding in 2021 from Nauta and other investors, laying the groundwork for its rapid growth and success in the InsurTech space.
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