LatAm List – Pitzi is a Brazilian insurtech that powers some of Brazil’s largest smartphone insurance programs. With roughly one million customers across Brazil and a recent round of financing led by QED investors, Pitzi is now valued at $100M (R$400M). Thrive Capital and Valiant Partners also participated in this investment round of $14.3M (R$60M).
“Today, only 4% of smartphones here are protected but we’re driving that towards 90% in the coming years and using those phones to unlock even more transformation in the space,” said Daniel Hatkoff, Founder & CEO of Pitzi, in a statement.
Bill Cilluffo, former president of Capital One International and a general partner with QED, decided to take a seat on the company’s board of directors as a result of the investment.
Hatkoff considers the smartphone industry as a window into other products and services in the insurance industry, due to the ways that smartphones have transformed the lives of the emerging Brazilian middle class.
“The smartphone will be profoundly transformational in Brazil, allowing the emerging middle class to finally emerge and do things it never imagined possible,” said Hatkoff. “As market leaders, we at Pitzi are obsessed with unlocking the Brazilian consumer’s ability to use their phones in ever more powerful ways. Cell phone protection is just the beginning.”