LatamList – Mexico City-based insurtech startup Super.mx raised $7.2M in a Series A round led by ALLVP. Goodwater Capital, Kairos Angels, and Bridge Partners also participated in this round in addition to angel investors like Joe Schmidt IV and Kyle Nakatsuji.
Sebastian Villarreal, co-founder and CEO of Super.mx, recognized that there was a severe ‘underinsurance problem’ in his native Mexico. That’s why he decided to found the insurtech to redesign insurance for the ‘emerging Latin American middle class’.
“That means insurance that is easy to buy – it can be bought on a cell phone in minutes – and that pays quickly with no adjusters,” said Villarreal.
While the company started out selling earthquake insurance, it has gone on to offer COVID and life insurance and is planning to add property, renter’s, and health insurance to its products in the near future.
“People in Latin America buy a lot less insurance than they do in the US, and people in Mexico, in particular, buy a lot less insurance than they do in other Latin countries,” explained Villarreal.
The alternatives in the local insurance market are expensive and have limited coverage.
ALLVP’s Federico Antoni said to TechCrunch that he is convinced that insurtech is the ‘next frontier’ in financial inclusion in the region as digitization continues to increase.
“Providing risk coverage to individuals and businesses in the region brings financial stability to families and unlocks economic potential for SMEs,” he said. “Moreover, the insurance incumbents have been unable to address a growing and underserved market.”
Super.mx plans to eventually expand outside of Mexico to other countries in Latin America.
Read more on TechCrunch.
