Sigo Seguros, an Austin, Texas-based InsurTech startup aiming to close the insurance gap within Hispanic and immigrant communities, has raised $5.4 million in its seed funding round, co-led by Listen Ventures (Chicago) and Chingona Ventures. The latest fund-raise comes 10 months after the company completed its pre-seed financing for $1.5 million.
Sigo Seguros reports that it has created an 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 claims to be 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,” comments Néstor Hugo Solari, Co-Founder and CEO, 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.”
Source: Insurance Innovation Reporter