Barcelona-based Weecover, a specialist in integrating insurance solutions into online purchasing processes, has secured €4.2M in funding to support its growth and international expansion plans.
The round was led by Swanlaab Venture Factory and existing investor Nauta. Investors including La Roca Capital, Bankinter, Prosegur, Íope Ventures (Telefónica Seguros and Wayra’s investment vehicle), and several previous investors like Astorya VC, also participated in this round.
Simplifying embedded insurance
Founded by Jordi Pages and Rafael Gallardo, Weecover offers APIs and technology solutions to connect insurers with consumer distributors.
Its Insurance-as-a-Service (IaaS) platform allows retail companies, e-commerce platforms, financial institutions, and digital applications to offer insurance products and services.
The company offers insurance and contracting solutions, along with service and after-sales operations, covering the entire insurance distribution process. It serves as a solution for new insurance distribution channels and optimises existing channels for local and global insurance companies and brokers.
The Spanish startup enables consumer distributors to implement insurance offers and contracting proposals for retail, banking, and finance businesses within weeks, aligning processes with distributors’ operations. Its platform incorporates generative AI to enhance customer service and reduce costs.
Currently, Weecover operates with major retail and financial distributors in Spain, including PcComponentes, FNAC, Decathlon, seQura, and insurance companies such as Mapfre, Línea Directa, and Lagunaro. It is also active in Portugal, France, Andorra, and Mexico.
By the end of 2024, the company’s platform processed over 100,000 insurance contracts annually.
Capital utilisation
Weecover, with 20 employees, plans to expand its team in marketing, sales, and technological development to strengthen its leadership in Spain and expand operations internationally.
Jordi Pagés, CEO of Weecover, says, “Having the backing of funds such as Swanlaab or Nauta allows us not only to accelerate our expansion plans, but also to strengthen our value proposition and continue to offer innovative solutions to our clients. We are excited about the future that lies ahead in the insurance sector.”
What do the investors have to say?
Juan Revuelta, Partner at Swanlaab, says, “At Swanlaab, we are excited to join Weecover in this new stage of growth, betting on its differential technology to optimise the implementation of Embedded Insurance with ease.”
“We firmly believe in the promising future of this space within Insurtech and in Weecover’s ability to lead this transformation thanks to its market vision. It is a sector full of opportunities and we are confident that Weecover will play a key role in its development.”
“Furthermore, the team’s in-depth knowledge of the insurance sector, led by Jordi Pagés, is a truly unique asset compared to the competition.”
Swanlaab Venture Factory is a Spanish-Israeli venture capital fund manager based in Madrid and Tel-Aviv. Since 1992, it has managed over $700M across eight funds, focusing on early-stage, scalable B2B product companies in Israel and Spain. The firm has made over 150 investments.
Speaking on the investment in Weecover, Jordi Viñas, General Partner at Nauta, says, “Since Nauta invested in Weecover in 2021, we’ve had the pleasure of watching the company and the team grow and mature. We see that the insurance industry continues to adapt as consumers want easy access to a broader base of products.”
“We’ve been impressed by the traction Weecover’s solution has had amongst a varied group of customers looking to offer insurance products embedded in their sales process. By enabling the seamless addition of insurance to its clients’ existing offerings and thereby increasing their clients’ profits, Weecover has become a must-have product for those clients. Hence, we’re very optimistic about the future of the company.”
Nauta is a pan-European VC firm specialising in early-stage B2B software companies, with offices in London and Barcelona. Managing over half a billion in assets, Nauta focuses on B2B SaaS, enterprise tech for large industries, and deep tech applications. It has invested in more than 80 companies, including Brandwatch, Danelfin, Techspert, and Holded.
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