Weecover, a leading Spanish insurtech company specializing in embedded insurance, today announced the successful closing of a €4.2 million funding round. The funding round was led by Swanlaab Venture Factory, with participation from existing investor Nauta. Additional investors include La Roca Capital, Bankinter, Prosegur, Íope Ventures (the investment arm of Telefónica Seguros and Wayra), and several existing investors such as Astorya VC.
Weecover provides a platform that enables businesses to easily offer insurance products through various channels, including retail, e-commerce, and financial institutions. The company's Insurance as a Service (IaaS) platform streamlines the entire insurance distribution process, making it easier for businesses to offer insurance to their customers.
Weecover currently serves a diverse clientele in Spain, including major retail and financial distributors such as PcComponentes, FNAC, Decathlon, and seQura, as well as leading insurance companies like Mapfre, Línea Directa, and Lagunaro. The company has also established a presence in international markets including Portugal, France, Andorra, and Mexico. By the end of 2024, Weecover's platform facilitated over 100,000 insurance contracts annually, serving clients across various sectors who rely on the company to provide comprehensive insurance and protection services to their customers.
This latest funding round will enable Weecover to expand its team, invest in technology, and accelerate its international growth. The company is well-positioned to become a leading player in the embedded insurance market.
“Having the backing of funds such as Swanlaab or Nauta allows us not only to accelerate our expansion plans, but also to strengthen our value proposition and continue to offer innovative solutions to our clients. We are excited about the future that lies ahead in the insurance sector” said Jordi Pagés, CEO of Weecover.
