Connect with us

Technology

On the Back of 500% Growth, Sigo Seguros Announces $10.5M Series A Financing Round

Published

4 months ago

on

AUSTIN, Texas, Sept. 11, 2024 /PRNewswire/ — Sigo Seguros, the only digital-first non-standard auto insurance brand eliminating extra fees, has raised a $10.5M Series A led by Varco Capital and return investor, Listen. Angeles Ventures and Flintlock Capital participated in the round as well as existing investors Zeal Capital Partners, Rise of the Rest, and Fiat Ventures. Varco Capital is the family office of Rafael and Carlos Varela, the founders of Pronto Insurance, a leading non-standard auto franchise.

Sigo underwrites non-standard auto insurance, a massive yet overlooked vertical in insurance, where drivers are charged onerous fees and are pushed to accept hand written offers in broker-run brick and mortars. Sigo’s digital platform allows customers to acquire insurance in minutes from their phone while saving them hundreds of dollars per year, on average. Sigo is focused on the working class, initially serving Hispanic and Latino communities by offering an end-to-end experience in Spanish.

The offering has resonated with consumers as Sigo grew Gross Written Premiums by over 500% in 2023, reflected further in payback periods measured in weeks, rather than years as is normally the case in auto insurance. The Company’s underwriting technology is generating profitable loss ratios, which is in stark contrast to the boom and bust cycle of other auto insurtechs over the past decade.

“The existing insurance industry overlooks the Latino community despite its outperformance in terms of loss ratios. Large, national insurance carriers intentionally ignore our customers and prioritize the use of credit score, while small, regional carriers provide antiquated service through opaque, fee-heavy independent agent channels,” says Néstor Hugo Solari, Co-Founder and CEO at Sigo.

This financing positions the company for expansion to new markets with large immigrant communities and few suitable options for auto insurance all the while providing a best in class bilingual service to customers. In conjunction with the investment from Varco Capital, Rafael Varela will join the board of directors.

“Varco Capital is excited to partner with Sigo Seguros to bring  a modern approach to the non-standard auto insurance market. Nestor and team are focused on serving drivers with technology and a better experience, while saving them millions of dollars in downpayment fees. We are eager to support their much needed offering in the coming months and years ahead.” said Rafael Varela, Partner at Varco Capital, who previously sold Pronto Insurance to Gallagher.

“We continue to see strong demand for a digital approach to serving our community with auto insurance. Rafael and Carlos built Pronto into one of the leaders in the non-standard auto insurance space. We are honored to have their support as we continue to revolutionize the industry with relentless innovation and unwavering commitment to underserved markets,” adds Solari.

For more information about Sigo Seguros and its inclusive auto insurance solutions, visit sigoseguros.com.

About Sigo Seguros
Sigo Seguros is an insurtech company focused on providing auto insurance services for immigrant and working-class communities. Founded in 2019 and headquartered in Texas, the company is committed to making insurance more accessible and affordable to everyone, particularly the Latino and Spanish-speaking population. Sigo Seguros achieves this through its proprietary product launched in August 2021, an innovative mobile app and web portal, which offers transparent pricing and easy-to-use features that cater to the unique needs of its customers. To learn more, visit them at sigoseguros.com.

About Varco Capital
Varco Capital is an investment firm founded by Carlos and Rafael Varela, the founders of Pronto Insurance. Founded in 1997 and headquartered in Brownsville, Texas, Pronto is a full-service Managing General Agency (MGA), broker and claims administrator. Pronto’s primary business is the placement of personal non-standard automobile insurance for consumers throughout Texas, California, and Florida, with a special focus on serving the rapidly growing Hispanic market. Pronto Insurance was sold to Arthur J. Gallagher in 2018.

About Listen Ventures
Founded in 2010, Listen is a venture capital firm investing in consumer-obsessed founders building brands at the tipping point of behavior shifts. Listen operates a concentrated early stage investment strategy leveraging its team of investors, consumer-insight experts and creative capitalists. Select portfolio brands include Calm, Factor, Kiwi Crate, Miss Grass, Black Buffalo, Own Up and Raise. Learn more at Listen.co.

Contact:
Brian Gonzalez
(877) 476-7446
383063@email4pr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/on-the-back-of-500-growth-sigo-seguros-announces-10-5m-series-a-financing-round-302245375.html

SOURCE Sigo Seguros

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

DomaCom Appoints Giuseppe Porcelli as Chairman and Secures $2 Million Private Placement

Published

4 minutes ago

on

January 10, 2025

By

SYDNEY, Jan. 10, 2025 /PRNewswire/ — DomaCom Limited (ASX:DCL) is pleased to announce two significant developments that will strengthen its leadership and financial position as it advances its fund-first, technology-driven strategy.

Appointment of Giuseppe Porcelli as Non-Executive Chairman

DomaCom has appointed Giuseppe Porcelli as Non-Executive Chairman. Giuseppe is the Founder, Chairman, and CEO of Lakeba Group, a global technology leader renowned for AI-powered, scalable solutions. With extensive expertise in technology-driven investment strategies, his leadership will be instrumental in accelerating DomaCom’s growth, innovation, and investor value creation.

“Giuseppe’s appointment strengthens our leadership team at a pivotal time for DomaCom,” said Darren Younger, CEO of DomaCom. “His experience in driving technological innovation and scaling businesses will support our strategy to enhance investor value and expand our market presence.”

Successful Completion of $2 Million Private Placement

DomaCom has successfully secured a $2 million investment through a private placement from sophisticated investor Martin Groen. The placement involved issuing 142,857,143 fully paid ordinary shares at $0.014 per share, reflecting investor confidence in DomaCom’s strategy and growth potential.

“This investment demonstrates strong confidence in our vision to transform DomaCom into a leading fund-first, technology-driven business,” said Giuseppe Porcelli, Chairman of DomaCom. “The additional option to secure further funding underscores the long-term alignment between DomaCom and our investors. This capital will allow us to accelerate key initiatives, deliver value to our stakeholders, and position the business for sustained growth.”

These developments mark an important step forward in DomaCom’s transformation, reinforcing its commitment to technological innovation, financial growth, and enhanced investor value.

Contact person: Darren Younger, DomaCom CEO
Darren.younger@domacom.com.au 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/domacom-appoints-giuseppe-porcelli-as-chairman-and-secures-2-million-private-placement-302347645.html

SOURCE DomaCom Limited

Continue Reading

Technology

GlocalMe Unveils New Brand Identity and Cutting-Edge Innovations at CES 2025

Published

4 minutes ago

on

January 10, 2025

By

LAS VEGAS, Jan. 10, 2025 /PRNewswire/ — GlocalMe, a global leader in mobile data connectivity under uCloudlink (NASDAQ: UCL), is proud to announce its participation in CES 2025, the world’s largest technology trade show. This year marks a significant milestone for GlocalMe as it unveils its newly refreshed brand identity and showcases an impressive lineup of innovative products that are set to redefine global connectivity.

With the theme “The Ideal Network of Life,” GlocalMe’s rebranding reflects its dedication to providing seamless, secure, and reliable internet connectivity that feels local, no matter where users are. Powered by its patented Cloud SIM and HyperConn™ technology, the brand emphasizes “Global Connectivity, Local Mindedness,” delivering a borderless yet personalized connection experience for modern digital lifestyles.

“Our new brand identity represents a transformative step in our journey to empower users with effortless and reliable global connectivity,” said Chaohui Chen, CEO of uCloudlink. “At CES 2025, we are thrilled to showcase how our innovative solutions bring the world closer together, delivering technology that feels personal and local, even in a globalized world.”

Spotlight on the GlocalMe Life Series

A major highlight of GlocalMe’s CES 2025 showcase is the GlocalMe Life Series, a collection of advanced products designed to provide secure and convenient connectivity for daily and travel use. With a focus on user convenience and peace of mind, the Life Series empowers users to stay connected effortlessly.

At CES 2025, GlocalMe will pre-launch three new additions to the Life Series:

GPet: The second generation of GlocalMe’s smart global pet tracker, featuring unique 6-tech positioning technologies to ensure the safety and location tracking of pets worldwide. New features, including ‘AI Wellness’ and ‘Pet Interaction,’ will enhance pet health monitoring and strengthen the bond between pets and their owners.UniCord S and UniCord P: Upgraded versions of the UniCord, designed specifically for drivers and remote workers. These devices offer advanced tracking features and provide secure and seamless connectivity during commutes or road trips. The UniCord P boasts upgraded mobile internet specifications, delivering a network experience comparable to a Wi-Fi hotspot.

These new products join the existing Life Series, which includes:

UniCord: The world’s first 3-in-1 multi-functional USB cable, which has been honored with the “CES Breakthrough Award 2025” by Android Authority for its innovative design and functionality.RoamPlug: The world’s only travel adapter with a built-in 4G mobile hotspot.KeyTracker: A global intelligent tracker featuring 6-tech positioning to secure and locate personal belongings with precision.

Introducing HyperConn™ Technology: Seamless Connectivity Redefined

GlocalMe will also debut its revolutionary HyperConn™ mobile Wi-Fi hotspot technology at CES 2025, redefining how users stay connected on the move. Leading this innovation is the MeowGo G40 Pro, a HyperConn™-enabled 4G multi-network mobile Wi-Fi hotspot. Designed for road trip families and remote workers, this device leverages AI-powered network switching to provide uninterrupted internet access by seamlessly connecting to multiple 4G carriers and Wi-Fi providers. This ensures reliable connectivity anywhere in the world, no matter where life takes users.

Experience GlocalMe at CES 2025

From January 7 to 10, 2025, GlocalMe will showcase its new brand identity and innovative product lineup at booth LVCC North Hall #8211. Attendees are invited to experience firsthand how GlocalMe is redefining global connectivity through its cutting-edge products and advanced technologies.

All pre-launched products from CES will be officially available by the end of the first quarter of 2025.

About GlocalMe

GlocalMe is a digital lifestyle brand under Nasdaq-listed technology company uCloudlink (NASDAQ: UCL). With its mission to enable people to ‘Connect and Share without Limitations’, uCloudlink is a leading mobile technology solutions provider that provides a marketplace for mobile data traffic sharing to billions of users in over 200 countries and regions. By using uCloudlink’s patented Cloud SIM technology, mobile users are no longer confined to the service of a single network operator but are opened to a world of connectivity whenever and wherever they are.

For more information, visit www.glocalme.com.

Photo – https://mma.prnewswire.com/media/2595181/GlocalMe.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/glocalme-unveils-new-brand-identity-and-cutting-edge-innovations-at-ces-2025-302347677.html

Continue Reading

Technology

Reap Receives In-Principle Approval for Major Payment Institution License from Monetary Authority of Singapore

Published

1 hour ago

on

January 10, 2025

By

SINGAPORE, Jan. 9, 2025 /PRNewswire/ — Reap, a leading payment technology provider, is thrilled to announce today that it has received an In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its application of the Major Payment Institution (MPI) License for its Singapore entity, Reap Singapore.

Obtaining the IPA marks a significant milestone for Reap. Reap is committed to regulatory excellence while continuously enhancing its capabilities and presence in Singapore and the broader Asia Pacific region. While the IPA marks a critical step forward, Reap Singapore remains steadfast in meeting the required conditions for the MPI License. Reap is equally committed to dedicating the necessary resources to support and assist Reap Singapore in achieving this goal. Together, Reap and Reap Singapore will continue to refine its compliance standards and beyond, ensuring it delivers enhanced value and trusted solutions to Singapore and the broader APAC customers.

“At Reap, compliance has always been paramount, not only to safeguard our users but also as a fundamental pillar for growth. Receiving this IPA from the MAS, a globally renowned financial regulator, is incredibly motivating and will be a key driver of secure growth in the region. It fuels our enthusiasm to continue collaborating closely with regulatory bodies to shape a secure and efficient money movement across the region. Reap is also committed to building a strong payment service.” stated Kevin Kang, Co-Founder of Reap.

Singapore is integral to Reap’s mission of enhancing global money movement. Its high regulatory standards and commitment to foster sustainable innovation align seamlessly with Reap’s vision for the future of payment services. This alignment empowers Reap to drive secure and efficient financial flows while delivering exceptional value to its clients and partners.

About Reap

Reap group is a leading global payment technology provider that enables financial connectivity and access for businesses worldwide. By bridging disparate economies, merging technological divides, and connecting key financial players, we are transforming the financial landscape into a more interconnected and interoperable space for efficient money movement.

With corporate cards, payout solutions, and expense management tools, we streamline financial operations and empower businesses to scale. Our APIs enable businesses to embed finance into their own products and services, from issuing Visa cards to facilitating cross-border payments.

Founded in 2018 in Hong Kong, Reap has since expanded to a team of over 100 across the globe, including Singapore. Reap is supported by a strong network of investors, including Acorn Pacific Ventures, Arcadia Funds, HashKey Capital, Hustle Fund, Fresco Capital, Abacus Ventures, and Payment Asia.

For media enquiries, please contact:

Christine Cheuk
Marketing & PR Manager, Reap
christine@reap.global

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/reap-receives-in-principle-approval-for-major-payment-institution-license-from-monetary-authority-of-singapore-302347620.html

SOURCE Reap

Continue Reading

Trending