Guros Receives $5.8M USD in Seed Funding to Accelerate the Digitization of the Insurance Industry in Latin America

Business Wire

The $5.8M USD raised will be used to strengthen their platform capabilities, build Guros’ team, expand into health insurance, and enhance its APIs for commercial partners, such as Kavak, Creditas and albo.

MEXICO CITY--(BUSINESS WIRE)-- Built around the user experience and needs, Guros, an insurance technology platform transforming the experience of buying insurance in Latin America, announced the closing of a $5.8 million investment round, at a $30 million valuation. The round was led by F-Prime Capital and Cometa, with participation from Clocktower and Insurify. Existing investors Leap and Magma Partners participated as well. The funding will be used to strengthen the platform capabilities, further customize APIs for commercial partners, expand into health insurance, and grow internally across technology, product and operations.

Guros allows consumers to gain control over their insurance policies, regardless if they are a Guros policyholder or not. The Guros wallet provides policyholders the ability to save all of their insurance information in one digital location, and car owners the ability to track taxes, speeding tickets, and driving restrictions free of charge.

In under one minute, Guros enables individual insurance buyers to receive an auto insurance quote and compare between leading insurance products in a fully digital environment.

Through its proprietary APIs, Guros aggregates information from insurers in a standardized and simplified manner, making it possible for commercial partners to embed auto insurance purchasing capability into their platforms seamlessly.

“As the only API enabled insurance technology platform in Mexico, our solution allows individual customers and our partners to truly experience insurance the way we all would like it to work: compare different offers on the same terms, activate or deactivate policies in one click, and change or cancel without complications” stated Juan Manuel Gironella, CEO and co-founder of the company.

“In the last 12 months, at a time when the auto insurance industry was impacted by the pandemic, we grew +580%. We want to continue improving our auto insurance capabilities, while start preparing to expand into other insurance verticals.” commented the COO and co-founder of Guros, Javier Gironella San Juan.

In Mexico alone, auto insurance premiums represented $5.8 billion in 2018 (Source: Statista), with more than 45 million registered automobiles (Source: Statista). With 41% of the population between the ages of 25-54, tech-savvy consumers are embracing digital banking, lending, and credit card products, providing Guros the opportunity to meet market demand.

“We are excited to accompany Guros in this new stage as we believe that the company’s strategy to simplify access to insurance is necessary in such a complex industry. Today, practically any product or service can be purchased over the internet, but this shift is occurring at a much slower pace in insurance. We believe that Guros, with this funding round, will be able to drive the shift in the insurance industry so that a 100% digital experience occurs faster,” commented David Jegen, Managing Partner at F-Prime Capital.

“Juanma, Javier, and the Guros team have the potential to become the benchmark of digital transformation for the insurance sector in Latin America," said José Bolaños, Managing Partner at Cometa. “All of us at Cometa are honored to be their partners. We are confident that Guros will be a key catalyst for the adoption of technology in an industry that is ready to evolve.”

About Guros

Guros is a digital insurance marketplace in Mexico that’s transforming the entire insurance experience, from purchasing to managing vehicle insurance. We're on a mission to democratize insurance in Latin America; both for end-customers and neobanks/fintechs who want to embed insurance into their platform, but need to do so in a much simpler, faster, and reliable way. For more information, visit www.guros.com.

About Cometa

Cometa (Variv Capital) is a Venture Capital firm investing in early-stage technology companies serving Spanish-speaking markets. Cometa’s portfolio companies include Guros, Bitso, Cabify, Welcome Tech, iVoy, Conekta, Kueski, Gaia, among others. Learn more at: https://cometa.vc. Contact: [email protected]

About F-Prime Capital

F-Prime Capital is a global venture capital firm investing in healthcare and technology. For the past 50 years, our independent venture capital group has had the privilege of backing great entrepreneurs building groundbreaking companies. With over two billion dollars under management and a global portfolio of more than 200 companies, we champion those dedicated to creating positive change in the world. F-Prime is headquartered in Cambridge, MA, with offices in London, UK and San Francisco, CA.