Madrid-based insurtech startup Tuio has raised $16.7 million in a combined equity and debt funding round to enhance the services it offers to its customers.
The funding was led by MassMutual Ventures, with participation from BlackRock, BAMCAP Ventures, Extension Fund and other undisclosed investors, according to InsurTech Insights.
The startup plans to use the new funding to further structural investments.
Additionally, the company aims to leverage its fast track to profitability and allocate resources to innovations that improve customer experience and operational efficiency.
Founded in 2021, Tuio operates as a Managing General Agent (MGA) and provides digital insurance solutions across home, life and pet insurance.
With a user-friendly platform, it has been likened to industry disruptor Lemonade. Since launch, Tuio has grown its customer base to over 45,000 and expanded its presence in Spain last year by acquiring Luko’s client list in the country.
Ryan Collins, Managing Partner for Europe and Asia Pacific at MassMutual Ventures, expressed his enthusiasm for Tuio’s future developments, saying: “We are pleased to support Tuio at this important stage of growth. We are extremely impressed with the leadership team’s capabilities and vision for the industry. By leveraging technology to improve customer experience and drive operational efficiencies, we are confident they will be well placed to become the leading InsurTech company in Southern Europe.”
In a joint statement, Tuio’s founders, Josémaria Lucas, Assis Pardo and Juan García, highlighted the startup’s bright financial outlook, saying: “Tuio is already very close to profitability, which allows us to take some of this advantage and adopt an investment model focused on structural investments to further strengthen the services we offer our customers.”
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