Nauta Capital, a venture capital firm that has previously invested in firms such as Holded, Privalia, and Brandwatch, led the investment round.
Founded in 2019 by Jordi Pagés and Rafael Gallardo, Weecover has already formed important insurance alliances with insurance players such as Zurich, Catalana Occidente, Allianz, Mapre, AXA, Segrup, and Helvetia.
Weecover employs embedded insurance, a policy that integrates the purchasing of insurance into the purchase of a product or service through the use of a 100 percent digital contracting procedure.
Fund Utilisation
Weecover intends to use the proceeds to increase the company’s international presence and to hire more talent to expand its workforce.
Weecover CEO Jordi Pagés says, “The new funding allows us to increase our presence in European markets while strengthening the organisation by incorporating new talent.”
Weecover claims to have developed a plug-and-play insurance solution that enables businesses to integrate customised insurance products into their sales processes, both online and offline.
Weecover API Platform
Weecover’s API-first platform readily interacts with the offline and online processes of its channel and insurance partners, offering digital insurance underwriting and onboarding capabilities, the company said in a press note. Currently, the company offers a wide range of insurance products ranging from mobility, retail, payment protection, to health and pet insurance.
Weecover claims to have formed B2B channel relationships with international companies such as FNAC, SEAT, PC Components, Bip & Drive, Opera, Ray Motors, Garanti Plus, Payin 7 and Payflow in 2021.
