Latinx insurtech startup Sigo Seguros raises $5.4m seed funding to accelerate growth
Sigo Seguros, the insurtech startup determined to close the insurance gap within Latinx and immigrant communities, announced it has raised $5.4 million in its seed funding round, co-led by Listen Ventures and Chingona Ventures. This announcement comes just 10 months after the company completed its pre-seed financing for $1.5 million.
Sigo Seguros has created an innovative auto insurance product that removes predatory fees and biased rate factors that disproportionately affect minorities. The company's underwriting process does not factor in immigration status, credit score, level of education, or type of employment. Sigo Seguros is also the only insurance company in the United States that can digitally onboard Hispanic customers in their native language - providing full Spanish language support to Spanish speakers.
Néstor Hugo Solari, Co-founder and CEO, Sigo Seguros: "This financing positions us to rapidly increase access to equitable insurance for immigrant and working-class populations. Listen and Chingona bring their valuable expertise in brand building and connecting with the Latinx community, and we're excited to partner with them."
Rick Desai, Managing Partner and Head of Investments, Listen Ventures: "Sigo Seguros has built an insurance product that understands the pain points of Hispanic working-class drivers. Their approach to underwriting, removing predatory tactics and fees, and the mobile-first solution undoubtedly puts this consumer population first. Listen is grateful to be a part of their mission for better access to all working-class communities."
Samara Hernandez, Founding Partner, Chingona Ventures: "Many diverse visionaries are overlooked. We're elated to have connected with Sigo Seguros in a partnership grounded in forwarding change for the Hispanic community. They have built a company that understands the Hispanic markets' unique way of making decisions and consuming media."
This round also includes participation from Revolution's Rise of the Rest Seed Fund, ERA's Remarkable Ventures, Kern Venture Group, Edrizio De La Cruz, Co-founder of Arcus Financial, and existing investors Fiat Ventures and Newlin VC.
Sigo Seguros launched its inclusive auto insurance product in August 2021 and actively serves Texas, with plans to expand into more states in 2023. The company continues to grow with additional key hires: Vice President of Insurance Ashley Wilson and Senior Product Manager Luz Díaz, and will continue to hire for roles across insurance, technology, and business functions.
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