LatamList – Pier, a Brazilian insurtech, raised a $14.5M Series A funding round led by Monashees. Other investors included Canary, Mercado Livre, and BTG Pactual.
Pier is an insurtech company that offers phone and car insurance at an affordable rate. Susep, Brazil’s private insurance agency, authorized the startup in October. Pier is now able to write its own policies and launch new products.
Insurance in Brazil is traditionally expensive and complex, resulting in few people taking out cover for their valuables. Pier offers more affordable insurance rates, faster returns, and a simpler and open contract so that customers know exactly what they are purchasing.
“We are still an emerging country with only 30% of the population with car insurance, 10% with home insurance, and 2% with life insurance,” said Igor Mascarenhas, co-founder and CEO of Pier. “We have a huge opportunity to increase penetration and believe our great experience will be responsible for that.”
Pier will use the funding to hire new talent, invest in the automobile market, and continue developing its technology and anti-fraud security base. The startup is also looking to expand across Brazil, reaching every state in the first half of 2021.
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