According to LAVCA, 123Seguro has been bootstrapping its insurance tech business since 2010. At the end of 2017, several of Argentina’s biggest names, including MercadoLibre, NXTP Labs, and Alaya Capital, among others, banded together to provide the platform with US$3M in seed funding.
Bootstrapping the business allowed 123Seguro to focus on creating a user-centric experience, which has allowed it to become an industry leader in Argentina. The platform advises and helps customers compare insurance services to increase transparency in the insurance industry.
About a year ago, 123Seguro expanded to Colombia and saw strong growth in that market while it consolidated its position in Argentina.
From the original LAVCA article:
“The closing of this investment round speeds up our strategic plan to lead the Latin American insurance market. We are well established in Argentina and have been growing strongly in Colombia for over a year.
This is the ideal context to have an impact on the insurance industry, which still needs to take greater account of its use of technology to improve the customer’s experience. The entry of well-known investors such as Mercado Libre gives us experience and boosts our online presence,” says Co-Founder and CEO Martín Ferrari.
123Seguro will reportedly use the funding to focus on expansion, talent acquisition, and technology improvements.
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