Spanish platform raises €1.7 million to support European insurtech framework

Valencia-based insurtech Wenalyze has raised a €1.7 million funding. The round was led by Athos Capital and saw the participation of Bankinter via its venture capital programme Bankinter Innovation Foundation, astoryaVC and GoHub, the corporate venturing fund by Global Omnium.

The fresh capital will help the startup to move forward in grabbing a €2-trillion- opportunity, consolidating its presence in Spain, the U.K. and Germany through clients who are Tier 1 insurers, and even insurtech players. At the same time, the company aims to keep growing in new European markets.

Focused on open data analytics for simplifying insurance processes, the startup offers a solution that automatically collects information to improve the efficiency and precision of commercial lines’ risk assessment for the banking and insurance sectors.

Carlos Albo, co-founder and CEO, Wenalyze said: “Open data sources are the new gold for the digital era. For the insurance sector, having data updated automatically in real-time means not depending on clients filling out complex forms to gather their data, thus speeding up the processes of selling new policies. Most importantly, though, it means that the insurance operator will be able to proactively adapt the product offering to the needs and circumstances that a client has from time to time”.

Fernando Castiñeiras, managing partner, Athos Capital said: “In spite of the digital revolution that has been happening over the last two decades across many industries, it is striking to see how many inefficiencies still characterise the insurance sector, both amongst traditional and newer players. Wenalyze offers these players the opportunity to increase their efficiency within a segment (that of commercial policies of SMEs) which is key within their portfolios, and yet has very tight margins.”