LatamList – Mexican insurtech platform Zenda.la raised a $2M round of funding led by Angel Ventures. Also participating in this round are K50 Capital, Clout Capital, Magma Partners, Moneta, G2 Momentum Capital, Lotux VC, and other angel investors.
The startup is the first in Mexico to achieve a freemium model thanks to a “sustainable solidarity” system.
“If you subscribe to a $20 (MXN$400) monthly insurance plan, you’re protecting 8 more people,” explained the founders.
Zenda.la is on a mission to provide healthcare access to everyone and bring visibility to a systemic problem by reaching a segment of the market that has traditionally been overlooked due to factors ranging from the level of income or the lack of financial education.
Diego Muradás, co-founder and CEO of Zenda.la commented on the round, “They’ve just given us the fuel to keep designing and growing, and, in turn, help more people gain access to our Circle of Protection. We’re ready to go.”
The model is designed to be easily scalable and replicable. Muradás explains that they are backed by the reinsurer SwissRe and Prevem Seguros, as well as alliances with companies like Credilikeme, Destácame, and, recently, Jefa.
“94% of Mexicans don’t have medical insurance and Zenda.la provides a solution with a model that is truly scalable and exportable. They convinced us in the first meeting and we’re excited for what’s to come,” said Hernan Fernández, Managing Partner at Angel Ventures.