The contribution was led by funds 8VC (which has in its portfolio companies such as The Boring Company, Oscar Health, and Wish), Atlantico ( Pipo Saúde and Trybe), and Monashees (Facily, Méliuz, and Rappi).
Insurance premiums accounted for 4.1% of Brazil's Gross Domestic Product (GDP) in 2020, according to a study by insurance company Swiss Re. The market is reportedly gigantic, even with this low penetration. The National Confederation of Insurance Companies (CNseg) states that the sector grew 13.3%, comparing January to November 2020 with the same period in 2021. The collection was BRL 275.3 billion, excluding health insurance and DPVAT. But 180º Seguros estimates that there is still much to explore: the share of insurance in the Brazilian GDP could reach 11%.
With this proposal, 180º Seguros started operating in October 2020. Currently, insurtech serves two types of companies: first, retailers that already sell credit life insurance or product guarantees; second, technology companies that see insurance as an added value to their consumers. 180º Seguros currently serves eight companies, such as startups Buser, Loft and Zul+.
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