Crabi, a Mexican car insurance company, raised a $4M Seed funding round led by Kaszek Ventures. Redwood Ventures and Tuesday Capital also participated in the round.
There are over 50 million cars in Mexico of which only 30% are insured. Crabi is changing that with its smart car insurance platform
The platform recently obtained a license from the CNSF (ComisiĆ³n Nacional de Seguros y Fianzas) that allows the company to market insurance packages and then underwrite them. The model allows Crabi to both design the policy and back it, making the process seamless and efficient.
āCrabi is the first startup in Mexico to obtain the license to be a risk-carrier and full stack auto insurance company,ā said Javier Orozco, founder and CEO.
With the new funding, Crabi plans to continue building its platform and own the process of insurance, from user to regulator, completely.
Crabi currently has 13,000 users and has seen a growth rate of 110% year on year.
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