The funding round was led by MassMutual Ventures, with participation from BlackRock, BAMCAP Ventures, Extension Fund, and other investors.

Founded in 2021, Tuio operates as a managing general agent (MGA), offering home, life, and pet insurance through its digital platform. The startup’s user-friendly interface has drawn comparisons to industry disruptor Lemonade. In a short span of time, Tuio has attracted over 45,000 customers and last year acquired Luko’s book of business in Spain, expanding its footprint in the country.

Ryan Collins, Managing Partner for Europe and Asia Pacific at MassMutual Ventures, praised the startup’s innovative approach and strong leadership, commenting, “We are delighted to support Tuio in this critical phase of growth. We were very impressed by the caliber of the leadership team and their vision for the industry. We believe that using technology to improve customer experience and drive operational efficiency positions them well to be the leading insurtech in Southern Europe.”

In a statement, Tuio’s founders, Josemaría Lucas, Asís Pardo, and Juan García, said: “Tuio is already very close to profitability.”

They added “This allows us to adopt an investment model where we can use part of this advantage to focus on structural investments, further enhancing the service we provide to our clients.”