Sigo Seguros, the rapidly growing insurtech company with a Spanish-first approach to providing auto insurance services for immigrant and working-class communities, announces it has raised an additional $5.1 Million in its pre-Series A funding round, co-led by Zeal Capital Partners and Listen Ventures with participation from existing investors Chingona Ventures, Revolution’s Rise of the Rest, Fiat Ventures, and Remarkable Ventures. The funding will be used to continue its rapid pace of growth, expand customer-facing technology, and continue digitizing the underwriting process.
“Sigo Seguros created an insurance product that is purpose-built to support the needs of working-class Hispanic drivers”
Sigo Seguros is revolutionizing car insurance by offering accessible and equitable coverage to immigrant and working-class drivers, starting with Latino and Spanish-speaking communities. Its bilingual, mobile-first platform eliminates additional fees and biased rating factors, like credit score and employment. The company provides exceptional customer service, transparent pricing, and a bilingual end-to-end experience in a corner of auto insurance ignored by large incumbents.
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“We’ve been overwhelmed by the demand for our product, with referrals driving the majority of our growth,” said Nestor Hugo Solari, Co-Founder and CEO of Sigo Seguros. “Our differentiated product starts with a deep understanding of our community and its needs. Zeal understands that access to the right financial products can turbocharge economic mobility for our customers, and this makes them an ideal partner for us to welcome to the team.”
“Sigo Seguros created an insurance product that is purpose-built to support the needs of working-class Hispanic drivers,” said Andy Will, Principal at Zeal Capital Partners. “By going direct to the consumer with a digital-first approach, Sigo is able to drive greater access and lower costs for communities that need it most. I could not think of a better representation of our Inclusive Investing™ strategy, and we are fortunate to be on this journey with Nestor and his team.”
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Sigo Seguros exceeded its sales from the previous year in just the first half of 2023, and plans to double its team by the end of the year. This financing positions the company for expansion to new markets with large immigrant communities with few suitable options for auto insurance. The online-first product in a traditionally brick-and-mortar driven segment has resonated with its customers, reflected in payback periods measured in weeks and months, rather than years as is normally the case in auto insurance.
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