AUSTIN, Texas and JERSEY CITY, N.J., APRIL 7, 2022 – Sigo Seguros, the insurtech startup determined to close the insurance gap within the Latinx and immigrant communities, announced today that it has raised $5.4 million in its seed funding round, co-led by Listen Ventures and Chingona Ventures. This announcement comes just 10 months after the company completed its pre-seed financing for $1.5 million.
Sigo Seguros has created an innovative auto insurance product that removes predatory fees and biased rate factors that disproportionately affect minorities. The company's underwriting process does not factor in immigration status, credit score, level of education, or type of employment. Sigo Seguros is also the only insurance company in the United States that can digitally onboard Hispanic customers in their native language - providing full Spanish language support to Spanish speakers.
"This financing positions us to rapidly increase access to equitable insurance for immigrant and working-class populations," says Néstor Hugo Solari, Co-Founder and CEO of Sigo Seguros. "Listen and Chingona bring their valuable expertise of brand building and connecting with the Latinx community, and we're excited to partner with them."
"Sigo Seguros has built an insurance product that understands the pain points of Hispanic working-class drivers. Their approach to underwriting, removing predatory tactics and fees, and the mobile-first solution undoubtedly puts this consumer population first. Listen is grateful to be a part of their mission for better access to all working-class communities," says Rick Desai, Managing Partner and Head of Investments at Listen Ventures.
"Many diverse visionaries are overlooked. We're elated to have connected with Sigo Seguros in a partnership grounded in forwarding change for the Hispanic community. They have built a company that understands the Hispanic markets' unique way of making decisions and consuming media," says Samara Hernandez, Founding Partner at Chingona Ventures.
This round also includes participation from Revolution's Rise of the Rest Seed Fund, ERA's Remarkable Ventures, Kern Venture Group, Edrizio De La Cruz, Co-founder of Arcus Financial, and existing investors Fiat Ventures and Newlin VC.
Sigo Seguros launched its inclusive auto insurance product in August 2021 and actively serves Texas, with plans to expand into more states in 2023. The company continues to grow with additional key hires: Vice President of Insurance Ashley Wilson and Senior Product Manager Luz Díaz, and will continue to hire for roles across insurance, technology, and business functions. For more information on Sigo Seguros, visit www.sigoseguros.com.
About Sigo Seguros Co-Founded by Nestor Hugo Solari, Julio Erdos, and Ivan Arambula in 2019, Sigo Seguros is an insurtech company actively serving Texas, with a mission to provide affordable auto insurance to the Spanish-speaking community. Sigo Seguros delivers a fully bilingual mobile-first platform that simplifies the insurance experience. The company offers transparent prices without fees and biased rating factors and provides coverage for customers with foreign IDs or licenses. For more information on Sigo Seguros, visit www.sigoseguros.com. “Sigo Seguros está siempre contigo”