Insurtech-MGA SingularCover raises € 4.5M from Liberty Mutual Strategic Ventures and Mutua Madril

 
BARCELONA, Spain - June 20, 2020 - PRLog -- The Spanish insurtech SingularCover (https://singularcover.com/) has raised € 4.5M and becomes one of the top financing rounds raised by a Spanish startup in 2020.

Created in 2019, SingularCover responds to the specific needs of small businesses, freelancers and the self-employed offering personalized insurance to cover their risks for every category of business in a simple, fast and transparent way.

"We are very proud to have achieved this round with investors of this stature worldwide, especially at a time like today. The commitment of large traditional insurers like Liberty Mutual and Mutua Madrileña shows the strength of the project and their confidence in the team and thefuture of the company", affirms Rafael González, CEO and co-founder of SingularCover.

This new round compliments the one obtained by the company in June 2019 of more than € 1.8M, led by Antai Venture Builder and Global Founders Capital.

The most remarkable thing about this round is the bet by two of the main insurers worldwide: Liberty Mutual Strategic Ventures, the corporate venture capital arm of Liberty Mutual Insurance, the sixth largest global property and casualty insurer; and Mutua Madrileña, largest mutual carrier in Spain.

"We are excited to partner with the SingularCover team as the company continues to pursue rapid growth in Spain and expand globally," said Russ MacTough, Managing Director, LMSV "SingularCover's digital platform is well positioned to provide small businesses a tailored and streamlined approach to purchasing the insurance coverage that best fits their needs."

For Mutua Madrileña, "this operation allows us to continue promoting our innovation system, in which we combine internal transformation processes with external innovation provided by insurtechs such as SingularCover" states Ana Faba, Deputy MD of Digital Channels of Mutua Madrileña.

Additionally, Antai Venture Builder and Global Founders Capital, which led the previous round that served to strengthen the technological platform, have once again shown their trust in the team and the project. The rest of the capital is contributed by other investors, which includes €670,000 from the Centre for the Development of Industrial Technology (CDTI), a Public Business Entity which fosters the technological development and innovation of Spanish companies.

"Antai Venture Builder's commitment to insurtech started two years ago and without a doubt, SingularCover perfectly exemplifies what we have been looking for ever since, a great team and a fully digital and vertical model that offers SMEs a customized insurance solution solution against their specific risks", says Miguel Vicente, CEO of Antai Venture Builder."

SingularCover, recent winner of the Virtual South Summit in the Fintech / Insurtech category, started operations in early 2019 with the clear objective of responding to the specific needs insurance needs of entrepreneurs and small businesses
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