Weecover, the Spanish insurtech startup specialising in embedded insurance, has just closed a €2.3 million seed round led by Nauta Capital.
Founded in 2019, the Barcelona-based startup has created a plug-and-play insurance solution that allows companies to embed customised insurance products seamlessly into their sales processes, both online and offline.
Through its API-first platform, Weecover easily integrates with both its channel and insurance partners’ offline and online processes, enabling full digital insurance underwriting and on-boarding capabilities. Currently offering a wide variety of insurance products from mobility, retail, payment protection to health and pet insurance, Weecover’s mission is to enable every company to offer insurance products seamlessly.
Weecover was founded by Jordi Pagés and Rafael Gallardo and has already formed significant insurance partnerships with key players in the insurance industry, including Zurich, Catalana Occidente, Allianz, Mapre, AXA, Segrup and Helvetia.
In 2021, Weecover established B2B channel partnerships with multinational companies such as FNAC, SEAT, PC Components, Bip & Drive, Opera, Ray Motors, Garanti Plus, Payin 7 and Payflow. Thanks to this and the technology developed by Weecover, end users can acquire insurance for products during purchase, a process that is fast, comfortable, and secure, without any cumbersome procedures.
Weecover CEO, Jordi Pagés has an extensive background in insurance, having worked at the Zurich insurance group as one of the distribution directors in Spain and Europe. Regarding the new funding, he stated that this will allow Weecover to increase their presence in European markets while strengthening the organisation by incorporating new talent.
Rafael Gallardo, Weecover’s CDO, emphasises that a key element of this investment round will be the push towards a constant technological renewal. Weecover set out to revolutionise the insurance sector by establishing embedded insurance, a type of policy that integrates the acquisition of insurance into the purchase of a product or service.