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Weecover is a Barcelona-based startup that provides innovative embedded insurance solutions. It has reportedly recently raised €4.2 million in its latest funding round, led by Swanlaab Venture Factory and Nauta Capital, in addition to La Roca Capital, Bankinter, Prosegur, and Íope Ventures.
Company Overview
Founded in 2019 by Jordi Pagés and Rafael Gallardo, Weecover has developed a plug-and-play insurance platform that enables companies to seamlessly integrate customized insurance products into their sales processes, both online and offline.
By partnering with major insurers such as Zurich, Catalana Occidente, Allianz, Mapfre, AXA, Segrup, and Helvetia, Weecover offers a diverse range of insurance products, including mobility, retail, payment protection, health, and pet insurance.
Read also: Naked has secured $38M to Advance AI-Driven Insurance
Funding Details
The €4.2 million investment will be instrumental in fueling Weecover’s ambitious plans for growth and international expansion. The participation of prominent investors underscores the market’s recognition of Weecover’s potential to revolutionize the embedded insurance landscape.
Strategic Objectives
With the newly acquired funds, Weecover aims to:
- Accelerate International Expansion: Consolidate its position in the markets of Portugal, France, Andorra, and Mexico, and expand into new markets to expand its global reach.
- Improve Technological Capabilities: Invest in the continuous development of its platform, incorporating advanced features and functionalities to meet the evolving needs of partners and customers.
- Expand Team Expertise: The company will focus on hiring exceptional talent in terms of technology, sales, and customer support areas to support company growth and still provide high services.
Read also: Berlin-based fintech startup Tapline raised €20M led by Karim Beshara
Innovative Platform Features
Weecover’s platform distinguishes itself for its:
- Simple Integration: Following an API-first approach, the insurance product can be effortlessly embedded into many sales channels; hence, creating a better user experience.
- Very Large Product Range: The company caters to several customers’ differing needs and wants through a whole range of available insurance options.
- Advanced Technology: The company uses advanced tools to facilitate the process, minimize costs, and maximize service delivery.
Leadership View
Weecover’s CEO, Jordi Pagés, with years of experience in the insurance sector, stated that the funding will help Weecover expand its footprint in European markets while strengthening the organization by infusing new talent. CDO Rafael Gallardo emphasizes the importance of continuous technological renewal to revolutionize the insurance sector through embedded insurance solutions.
Read also: Amsterdam-based fintech startup Klearly raised €6M led by Global PayTech Ventures
Future Perspective
Weecover is going to use this investment to foster innovation in the insurtech space with a focus on value delivery for partners and customers through its solutions of embedded insurance. Strategic initiatives that the company takes will significantly add to its growth path and the more extensive adoption of embedded insurance around the world.
Summary
Weecover, an insurtech startup based in Barcelona, has secured €4.2 million in funding led by Swanlaab Venture Factory and Nauta Capital. The funding will be used to fuel the growth of Weecover and its international expansion, further establishing it as a leader in the embedded insurance sector.
