Specialising in vehicle tracking, security, theft warranty, and fleet management services, Loovi, which was founded by Quézide Cunha and William Naor, aims to expand its team to over 220 while doubling its revenue by 2025. The investment will also bolster its technological infrastructure.
The infusion of funds marks a pivotal moment for Loovi, allowing the company to extend its footprint across Brazil while fortifying its position within the competitive market landscape. With ambitious plans on the horizon, the insurtech intends to enhance its customer base and diversify its distribution channels.
The financing will enable Loovi to implement strategic initiatives, including the development of a cutting-edge platform tailored for insurance brokers. They will also work on streamlining operations and improving accessibility to Loovi’s suite of services, thereby fostering greater collaboration within the insurance ecosystem.
Commenting on the funding milestone, Loovi’s executives expressed their enthusiasm for the opportunities it presents. The investment will not only facilitate geographical expansion but also drive advancements in service quality and technological innovation.
“The insurance market, especially in the automotive sector, is highly rigid, bureaucratic, and undemocratic. According to the National Confederation of General Insurance Companies only 30% of vehicles in the country are insured, as many see it as a ‘luxury.’ The problem lies in the fact that, often, the car is the family’s most valuable asset,” said Quézide Cunha, Founder and CEO of Loovi.
He added that the company boasts a significant digital strength. However, Loovi has been actively exploring avenues to attract sales executives and insurance brokers to expand its presence in the Brazilian market. One of the key strategies in this endeavor involves improving the platform by creating an exclusive portal for runners. Loovi aims to make this tool available early next year, Cunha said.
