AUSTIN, Texas--(BUSINESS WIRE)--Sigo Seguros, the rapidly growing insurtech company with a Spanish-first approach to providing auto insurance services for immigrant and working-class communities, announces it has raised an additional $5.1 Million in its pre-Series A funding round, co-led by Zeal Capital Partners and Listen Ventures with participation from existing investors Chingona Ventures, Revolution’s Rise of the Rest, Fiat Ventures, and Remarkable Ventures. The funding will be used to continue its rapid pace of growth, expand customer-facing technology, and continue digitizing the underwriting process.
Sigo Seguros is revolutionizing car insurance by offering accessible and equitable coverage to immigrant and working-class drivers, starting with Latino and Spanish-speaking communities. Its bilingual, mobile-first platform eliminates additional fees and biased rating factors, like credit score and employment. The company provides exceptional customer service, transparent pricing, and a bilingual end-to-end experience in a corner of auto insurance ignored by large incumbents.
“We’ve been overwhelmed by the demand for our product, with referrals driving the majority of our growth,” said Nestor Hugo Solari, Co-Founder and CEO of Sigo Seguros. “Our differentiated product starts with a deep understanding of our community and its needs. Zeal understands that access to the right financial products can turbocharge economic mobility for our customers, and this makes them an ideal partner for us to welcome to the team.”
“Sigo Seguros created an insurance product that is purpose-built to support the needs of working-class Hispanic drivers," said Andy Will, Principal at Zeal Capital Partners. “By going direct to the consumer with a digital-first approach, Sigo is able to drive greater access and lower costs for communities that need it most. I could not think of a better representation of our Inclusive Investing™ strategy, and we are fortunate to be on this journey with Nestor and his team.”
Sigo Seguros exceeded its sales from the previous year in just the first half of 2023, and plans to double its team by the end of the year. This financing positions the company for expansion to new markets with large immigrant communities with few suitable options for auto insurance. The online-first product in a traditionally brick-and-mortar driven segment has resonated with its customers, reflected in payback periods measured in weeks and months, rather than years as is normally the case in auto insurance.
For more information about Sigo Seguros and its inclusive auto insurance solutions, visit sigoseguros.com.
About Sigo Seguros
Sigo Seguros is an insurtech company that focuses 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 Zeal Capital Partners
Zeal Capital Partners is based in Washington, DC and partners with high growth, early stage tech enabled projects led by diverse management teams who are rethinking the building of wealth. As a category specific investment firm, Zeal focuses on education to employment pathways, financial wellness, and health equity. These categories allow Zeal to capture alpha first, and disrupt systems on a path to turbo charging economic mobility.
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, Public Goods, Miss Grass, Dame, Own Up and Slumberkins. Learn more at Listen.co.