Loovi, a Brazilian insurtech specialized in vehicle tracking, security, theft warranty, and fleet management services, secured $9M in funding from Marçal Holding and Oliveira Participações.
With the new funding, Loovi will expand its presence in Brazil, strengthen its technological infrastructure, grow its customer base, and open new distribution channels, including a platform for insurance brokers.
“The insurance market, especially in the automotive sector, is highly rigid, bureaucratic, and undemocratic. According to the National Confederation of General Insurance Companies only 30% of vehicles in the country are insured, as many see it as a ‘luxury.’ The problem lies in the fact that, often, the car is the family’s most valuable asset,” said Quézide Cunha, Founder and CEO of Loovi.
Founded by Quézide Cunha and William Naor, Loovi, headquartered in Belo Horizonte, aims to expand its team to over 220 while doubling its revenue by 2025.
Read more on Latamfintech