Peruvian insurtech startup SeguroSimple raises US$2M to facilitate Mexican expansion

SeguroSimple is the leading online insurance broker in Peru and is currently growing to become one of the biggest players in Mexico’s insurance industry, as well. Since 2014, SeguroSimple has been helping over 400,000 users save money on car insurance by aggregating all insurance processes onto a single platform. Last week, SeguroSimple announced that it closed a US$2M funding round led by previous investors, namely Angel Ventures, Trefilia Capital, Quinvest, and several family offices in the region.

This funding will be used to accelerate SeguroSimple’s regional expansion, starting in Mexico, and to bolster its management team. These investors will also provide deep industry experience to SeguroSimple as it expands across the region.

Said SeguroSimple Country Manager for Mexico, Alejandro Cosío:

“Over 100,000 Mexicans have benefitted from our services. We look forward to expanding our reach and product offering to many thousands more in the years ahead.”

Luis Galindo, CEO of Trefilia Capital, is confident in SeguroSimple’s team because of their strong relationships with insurance partners and their loyal customer base that has helped grow the company through word of mouth. In the near future, SeguroSimple looks to become the number one e-broker in Mexico, then expand regionally.

Please read the original press release, copied below, for more information:

SeguroSimple, one of the fastest growing online insurance brokers in the region, announced today that it has successfully closed a US$2 million round of funding to consolidate regional expansion and strengthen its management team. Founded in 2014, SeguroSimple is the leading online broker in Peru. Since entering the Mexican market in 2017, it has become one of the largest digital brokers in Mexico.
The round was led by existing investors, including Trefilia Capital, Quinvest and other Family Offices across the region. Angel Ventures, a leading early stage investor in Latin America, also participated in the round through AVP Seed Fund I, a seed fund based in Peru. SeguroSimple’s investors bring a mix of sector expertise and deep operating experience to SeguroSimple.

SeguroSimple developed an online platform which supports all insurance processes, empowering over 400,000 users to save money on car insurance. The company partners with leading insurance companies, including Qualitas, GNP, Axa, Pacifico, Rimac, Chubb and Mapfre to offer an end-to-end customer experience, from quoting and issuance of policies all the way to helping with claims and renewals.

“We have built a profitable business model in Peru, and we have had a very good response in Mexico, the largest market in the region. This new capital injection will allow us to continue to improve our service offering” says Nicolas Droguett, SeguroSimple’s founder and CEO. Alejandro Cosío, SeguroSimple’s Country Manager in Mexico, who previously worked at GNP Seguros, adds: “Over 100,000 Mexicans have benefited from our services. We look forward to expanding our reach and product offering to many thousands more in the years ahead”.

“Last year, Nicolás and his team approached us to support the launch of operations in Mexico”, says Luis Galindo, CEO at Trefilia Capital. “Their growth has surpassed all our expectations, driven primarily by referrals from an existing, loyal customer base and the strong relationships they have built with their Insurance Partners.

We are delighted to continue our partnership with Nicolás and the team at SeguroSimple as they further define the future of insurance services in Mexico and the region.” In 2018, SeguroSimple intends to consolidate operations in Mexico and become the leading e-broker in the country. In the future, SeguroSimple plans to expand to other markets in Latin America and increase its offering of insurance products beyond car insurance.

SeguroSimple
SeguroSimple (Simple Insurance) is an online car insurance broker operating in Mexico and Peru, helping drivers compare and purchase insurance through fast and accurate rates. Developed by a team with deep insurance, technology and marketing experience, SeguroSimple operates with the largest insurance carriers in these countries, including Qualitas, GNP, Axa, Rimac, Pacifico, Chubb and Mapfre. Learn more at www.segurosimple.com.

Angel Ventures
Angel Ventures is a leading early-stage venture capital firm, based in Mexico City, with offices in Guadalajara, Bogota and Lima. Angel Ventures has invested over $40 million through its investment funds and AV Network, a regional angel investor network with over 400 members. Angel Ventures manages AV Pacific Alliance Fund II, a regional fund with over $30 million in committed capital and AVP Seed Fund I, a Peru-based fund with $1.6 million in committed capital. Learn more at www.angelventures.vc.