Actyus, Endeavor Catalyst, and Endeavor Scale-Up Ventures also participated in the funding round.
Akad has recently received approval from the Private Insurance Superintendence (SUSEP) to enter the personal insurance sector, a burgeoning market with a value surpassing R$60 billion. The company aims to expand its range of products and solutions for brokers and partners, focussing on the use of technology to enhance the quality of its services.
Leveraging artificial intelligence (AI) and machine learning technologies, Akad provides a range of business-to-business (B2B) insurance products and services, aiming to streamline processes and improve efficiency.
“Artificial Intelligence is starting to have significant importance in various economic sectors, and we believe it will be no different for the insurance industry. Many processes in this market are still carried out manually through phone calls and paper forms, and we see a huge opportunity for efficiency gains through process automation,” said Paulo Passoni, Head of Growth Investing at Valor Capital Group.
Rafael Costa, Co-founder at Across Capital, said: “Dominated by established incumbents burdened by inefficiencies, this market is ripe for disruption. Akad’s tech platform is poised to address these challenges effectively and deliver tremendous value to partners and end clients. Exciting times ahead!”
Founded in 2021 as a joint venture between Grupo GP and Cyberlabs, Akad has achieved significant milestones within a short period. By the end of 2023, the company reported issuing over 300,000 new policies and gross premiums exceeding $180 million. This successful funding round is expected to fuel Akad’s expansion efforts and further solidify its position within the Brazilian insurtech landscape.
Passoni added: “Akad has an extremely technical team behind it, required to conduct an operation in the insurance market, but at the same time with the tech DNA that positions it with the potential to disrupt the sector in the coming years.”
Main picture: Danilo Gamboa – CEO, Akad Seguros
