Weecover raises €4.2 million

Barcelona-based Weecover has closed a €4.2 million round of financing led by Swanlaab Venture Factory and Nauta, with participation from La Roca Capital, Bankinter, Prosegur, Íope Ventures (investment arm of Telefónica Seguros and Wayra), and others.

Founded in 2019, the startup offers embedded insurance solutions for retail companies and e-commerce platforms. Weecover claims that last year it sold more than 100k policies. The startup has integrations with ~15 insurance companies and can offer ~50 insurance products.

“Embedded insurance platforms are creating a new mass distribution model. They allow insurance coverage to be incorporated into the purchase of products and services in a very natural and innovative way, improving the value proposition and completing the customer experience. That is why we have decided to invest in Weecover, for having a differential proposal within the embedded insurance that comes to transform the insurance industry.” – Augusto Pérez Arbizu, corporate director of risk and insurance at Telefónica.

“The backing of Íope Ventures, along with other leading investors, allows us to strengthen our leadership position in the embedded insurance market, as well as boost our maneuvering capacity to continue innovating and expanding our solutions internationally. Íope Ventures’ expertise and strategic support will be key to accelerate our mission of transforming the insurance experience, adapting it to the real needs of our partners and customers.” – Jordi Pagés, CEO of Weecover.