Barcelona-based startup WEECOVER, which integrates insurance solutions into online purchases for added value, has raised €4.2 million in funding to support its global growth and expansion. The funding round was led by Swanlaab Venture Factory and Nauta.
- Founded in 2019 by Jordi Pages and Rafael Gallardo, WEECOVER specializes in developing APIs and technology solutions that connect insurers with consumer distributors. Its Insurance as a Service (IaaS) platform allows companies, including e-commerce platforms and financial institutions, to quickly and securely offer insurance products.
- The platform covers the entire insurance distribution process, from sales to after-service, and can be easily adapted to different business needs. WEECOVER also uses AI to improve customer service and efficiency, helping reduce costs throughout the distribution chain.
- With a team of 20 employees, the startup operates in Portugal, France, Andorra, and Mexico. It works with top retail and financial distributors in Spain, including PcComponentes, FNAC, Decathlon, and seQura, as well as major insurance companies like Mapfre, Línea Directa, and Lagunaro.
Details of the deal
- The investment round was jointly led by Swanlaab Venture Factory, a Spanish VC firm that focuses on B2B software startups with an emphasis on GTM strategies and sales engines, and Nauta, a London-based venture capital firm managing over €550 million in assets.
“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. Furthermore, the team's in-depth knowledge of the insurance sector, led by Jordi Pagés, is a truly unique asset compared to the competition," explains Juan Revuelta, Partner at Swanlaab.
- The round also saw participation from La Roca Capital, Bankinter, Prosegur, and Íope Ventures, the investment vehicle of Telefónica Seguros and Wayra, along with several existing investors, including Astorya VC, who also contributed.
- Weecover will use the €4.2 million to expand its team, enhance its platform with AI, and support its growth in Spain and international markets like Portugal, France, Andorra, and Mexico. The funding will help strengthen its leadership and scale globally.
“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," CEO of Weecover, Jordi Pagés, commented.
