Latú Seguros, a technology company in the insurance industry, announced its pre-seed round of US$6.7 million, the largest reported in the history of Latin America, led by CRV and Monashees, with the participation of Onevc, Latitude and SVAngel.
Its founder, Paola Neira, who previously led the technology team in charge of logistics algorithms at Rappi, said that “magic happens when technology is combined with the concept of a protection and security collective, which ultimately is the essence of insurance. We have an incredible opportunity to replace archaic policies and paper-and-pencil models with a combination of technological innovation, industry expertise and local knowledge. We believe this is the only way to manage risks in a globalized, hyper-connected and fast-paced world.”
Among the benefits offered by Latú, short for Latin American Tech Underwriters, are that companies can obtain coverage of up to US$10 million against lawsuits, cyber attacks, downtime, property damage, errors in the profession and breaches of compliance. , among others, in just a couple of minutes. These policies are commonly known as liability, property, cyber, errors and omissions (E&O), and directors and officers (D&O).
“It has long been a challenge for businesses to obtain the necessary insurance and protection to enable them to grow,” said James Green, general partner at CRV.
Adding that, “ironically, it is insurance that literally unlocks growth, allowing them to do business with large corporations, obtain financing, open a new vertical and much more. We at CRV believe that fundamental businesses are created by empowering specific demographic groups and we are deeply excited about being able to do that by providing access to insurance for businesses in Latin America,” said Green.
Other investors in the pre-seed round were the founders of Rappi, Addi, Tul, among others.
The company is currently headquartered and operates in Brazil and plans to use the funds to continue developing its technology for underwriting and risk analysis and expanding its insurance products.