Sigo Seguros raises $5.4 million
Sigo Seguros, the car insurance startup targeting immigrant communities, has raised $5.4 million in its seed funding round, co-led by Listen Ventures and Chingona Ventures. The announcement comes 10 months after the company completed its pre-seed financing for $1.5 million.
This round also includes participation from Revolution’s Rise of the Rest Seed Fund, ERA’s Remarkable Ventures, Kern Venture Group, Edrizio De La Cruz, Co-founder of Arcus Financial, and existing investors Fiat Ventures and Newlin VC.
Founded in 2018, the Austin, TX-based startup claims that its underwriting process does not factor in immigration status, credit score, level of education, or type of employment.
Sigo Seguros launched its auto insurance product in August 2021 and actively serves Texas, with plans to expand into more states in 2023.
“This financing positions us to rapidly increase access to equitable insurance for immigrant and working-class populations. Listen and Chingona bring their valuable expertise of brand building and connecting with the Latinx community, and we’re excited to partner with them.” – Néstor Hugo Solari, co-founder and CEO of Sigo Seguros.
“Sigo Seguros has built an insurance product that understands the pain points of Hispanic working-class drivers. Their approach to underwriting, removing predatory tactics and fees, and the mobile-first solution undoubtably puts this consumer population first. Listen is grateful to be a part of their mission for better access to all working-class communities.” – Rick Desai, managing partner and head of investments at Listen Ventures.
“Many diverse visionaries are overlooked. We’re elated to have connected with Sigo Seguros in a partnership grounded in forwarding change for the Hispanic community. They have built a company that understands the Hispanic markets’ unique way of making decisions and consuming media.” – Samara Hernandez, founding partner at Chingona Ventures.