Tuio raises $16.7 million

Madrid-based insurance startup Tuio has raised $16.7 million in equity and debt from MassMutual Ventures, BlackRock, BAMCAP Ventures, Extension Fund, and others.

Launched in 2021, the MGA offers home, life, and pet insurance through an online platform that gives Lemonade vibes.

The startup has over 45k customers and last year it acquired Luko’s book of business in Spain.

“We are delighted to support Tuio in this critical phase of growth. We were very impressed by the caliber of the leadership team and their vision for the industry. We believe that using technology to improve customer experience and drive operational efficiency positions them well to be the leading insurtech in Southern Europe.” – Ryan Collins, MassMutual Ventures Managing Partner for Europe and Asia Pacific,.

“Tuio is already very close to profitability and we have developed a structural advantage by having achieved an LTV/CAC, that is, the margin that a customer brings us divided between what it costs us to acquire it, of between seven and nine times. For this reason, it seems logical for us to adopt this investment model in which we are able to use part of this advantage to dedicate the equity tranche to structural investments that enable us to improve the service we provide to our clients. By comparison, other established companies in the sector are around 3-4 times LTV/CAC.” – Tuio founders JoseMaría Lucas, Asís Pardo and Juan García.