Akad Seguros, a digital insurance firm based in São Paulo, has successfully completed a Series A funding round, raising $22.5 million, according to an announcement.
The funding effort was spearheaded by Valor Capital Group and included significant contributions from Across, Endeavor Scale-Up Ventures, Endeavor Catalyst, and Actyus.
This financial infusion is earmarked for broadening the company’s operational scope and enhancing its technological development initiatives.
As Akad Seguros continues to push the boundaries of the insurance sector with its innovative offerings, this investment will significantly bolster its resources.
Danilo Gamboa, the CEO of Akad, has played a pivotal role in the company’s rapid evolution. Under his leadership, Akad has expanded its focus beyond traditional property and financial risk insurance. The company now also provides targeted insurance solutions for cyclists and service providers, addressing a wide array of client needs.
A recent milestone for Akad was obtaining authorization from the Superintendence of Private Insurance (SUSEP) to engage in the personal insurance market. This sector in Brazil has seen robust growth, currently valued at over R$60 billion.
With this new authorization, Akad is set to introduce a more comprehensive range of products and services, designed to meet the diverse demands of brokers and partners. Central to Akad’s strategy is the use of cutting-edge technology to enhance service quality and customer satisfaction.
“The experience of these investors will contribute greatly to our exponential growth,” stated Gamboa.
He emphasized the importance of the Series A funding, noting that it “reinforces our ability to use technology intensively to offer increasingly better services to our partners.”
The strategic investment by notable entities like Valor Capital Group and others underscores a strong confidence in Akad’s vision and its potential to redefine the insurance landscape.
As Akad Seguros gears up for its next phase of expansion, the industry watches with keen interest on how this digital innovator will leverage its new capital to drive growth and innovation in the Brazilian insurance market.