Mexican Insurtech Crabi has raised $13.6 million in a funding round led by Kaszek and Ignia. Other investors include 30N, Redwood, Carao, Azuro, Newtopia, and certain unnamed insiders.
Crabi is pursuing an insurance model for Autos, which is said to be AI-driven.
Crabi noted that while Mexico is one of the largest auto markets in Latin America, around 70% of cars are uninsured.
Options to insure a vehicle are expensive and opaque. Crabi aims to address this shortcoming by providing a service with real-time, mobile-first options. This includes instant policies and automated claim support.
Crabi is said to be the first licensed insurance firm in Mexico in 25 years. The company reports 2X growth in the past year. The company did not provide other metrics. Crabi reports partnerships with dealerships, financing platforms, and other industry participants.
Daniel Bernardez, CEO and Co-Founder of Crabi, says they have proven they can scale profitably, incorporating AI while having good customer experiences.
“Applying modern engineering and data science to legacy insurance processes unlocks massive gains in pricing, speed, and risk selection. But none of that matters unless you’re also building the right infrastructure, aligning technology with regulation from day one. This new capital allows us to double down on both fronts, expanding access to affordable coverage while building a smarter, more inclusive insurance system for Mexico,” adds Bernardez.
Nicolás Berman, Partner at Kaszek Ventures, describes Crabi as the most disciplined Insurtech in all of Latin America.
“Their combination of proprietary infrastructure, regulatory edge, and scalable distribution puts them in a league of their own. We believe Crabi will set the standard for what modern insurance looks like across the region.”
The new funding will be used to expand distribution channels and further develop its AI-driven operations.
