Spanish insurtech Weecover closes €4.2M round for embedded insurance

Spanish insurtech Weecover has closed a €4.2 million round of financing that will fuel new growth and international expansion plans. This second round of investment in the company has been led by Swanlaab Venture Factory and existing investor Nauta. La Roca Capital, Bankinter, Prosegur and Íope Ventures also participated in the round, as well as several previous investors such as Astorya VC.

Weecover provides a range of APIs and technology solutions to connect insurers consumer distributors, allowing them to offer insurance products and services via retail companies, e-commerce platforms, financial institutions and digital applications. The platform offers insurance and contracting solutions, together with service and after-sales operations, to cover the entire insurance distribution process in order to optimise new insurance distribution channels. The platform does this through the development of embedded insurance and the optimisation of existing channels. 

Recently, the platform has begun to incorporate generative AI developments into its operational processes in order to optimise customer service and reduce costs. Its clients include retail and financial distributors PcComponentes, FNAC, Decathlon, seQura and insurance companies such as Mapfre, Línea Directa or Lagunaro. The company also operates in other international markets such as Portugal, France, Andorra and Mexico.

Jordi Pagés, CEO of the company, commented on the raise: “Having the backing of funds such as Swanlaab or Nauta allows us not only to accelerate our expansion plans, but also to strengthen our value proposition and continue to offer innovative solutions to our clients. We are excited about the future that lies ahead in the insurance sector.”

Juan Revuelta, Partner at Swanlaab, added: “At Swanlaab, we are excited to join Weecover in this new stage of growth, betting on its differential technology to optimize the implementation of Embedded Insurance with ease.

"We firmly believe in the promising future of this space within Insurtech and in Weecover's ability to lead this transformation thanks to its market vision. It is a sector full of opportunities and we are confident that Weecover will play a key role in its development. Furthermore, the team's in-depth knowledge of the insurance sector, led by Jordi Pagés, is a truly unique asset compared to the competition.”