One of the largest Series A ever received by an insurtech in Latin America, demonstrates the power of this new technology, the strength of 180°’s leadership, and the market opportunity in the region
180° Seguros, an insurtech created with the purpose of transforming how insurance is distributed and consumed in Brazil, announced it has secured a $31.4 million Series A. The round was led by 8VC, already an investor in the company, and followed by Dragoneer, Monashees, Atlantico, Quartz, and Norte. The investment is one of the largest Series A rounds ever raised by an insurtech in Latin America, demonstrating the massive market opportunity of the space and the power of technology to transform it.
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Founded in 2020 by Mauro Levi D’Ancona, Alex Körner and Franco Lamping – with previous experiences at Nubank and Santander, 180° operates through a B2B2C model, providing a turnkey solution for companies to be able to sell insurance products in an innovative and digital way. With its proprietary methodology, focused on the latest technologies, 180° analyzes each distribution channel, identifying opportunities to create unique products combining insurance products in the customer’s journey in order to offer the best customer centric experience through embedded insurance.
“It is tremendously exciting to be transforming the insurance industry in Brazil, using our technology to both identify market opportunities and to better meet the insurance needs of individuals,” said 180° Founder and CEO Mauro Levi D’Ancona.
“We are very bullish on the insurance space in LatAm and the technology 180° is building. We have known Mauro since his time at NuBank and he is an extremely impressive entrepreneur. 8VC has been increasingly active in the region and we see Mauro and a key player in the technology ecosystem,” said 8VC Founding Partner Jake Medwell.
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“Digital transformation is a necessary process that has been redesigning the insurance industry in recent years. It has always lagged a bit behind compared to the financial industry in Brazil, but with the digitalization forced by the pandemic, this has become an urgent and strategic agenda for insurers and also for new distribution channels that need to diversify their revenues,” added 180° CIO and Co-founder Alex Körner.
With the funding, 180° plans to continue to grow its 50-person team—prioritizing attracting top talent and continuing to create an exceptional culture. Also, 180° will seek to create joint ventures as well as expand the number of strategic partnerships with startups, retailers and companies in general who are interested in adding digital insurance experiences for their partners and customers. 180° intends to maintain the insurance-as-a-service strategy, with a focus on product development and the best experience for all customers.
Since its founding, 180° has launched nine new products and services in eight different channels, among the highlights, the first home insurance in the country with a points-based assistance program; and the first insurance with intermittent coverage in Latin America for vehicle belongings for only 0.49 BRL (about $2.69) made with Loft and Zul+, respectively.
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