Brazilian insurtech Akad raised $22.5M in a Series A round co-led by Valor Capital Group and Across Capital. Actyus, Endeavor Catalyst, and Endeavor Scale-Up Ventures also participated in the round.
Recently authorized to operate in the personal insurance space by Susep, Akad will use the funds to offer more robust solutions for its insurance brokers and partners.
Akad offers a range of B2B insurance products and services, using AI and machine learning to make processes less costly and more agile.
“Artificial Intelligence is starting to have significant importance in various economic sectors, and we believe it will be no different for the insurance industry. Many processes in this market are still carried out manually through phone calls and paper forms, and we see a huge opportunity for efficiency gains through process automation,” said Paulo Passoni, Head of Growth Investing at Valor Capital Group.
Established in 2021 through a partnership between Grupo GP and Cyberlabs, Akad closed 2023 with over 300,000 new policies issued and over $180M in gross premiums.
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