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Contxto – The Mexican insurtech startup, Covela, recently joined the reputable Bay Area accelerator, Y Combinator. Investing US$150 thousand, this was the fund’s first financing for a Mexican company venturing into the insurance space.
More fuel for the tank!
Last Monday, news broke out that Covela, a digital insurance agent for companies, raised US$150 thousand from Y Combinator. With aid from the startup’s newest shareholder, now the company is one step closer to consolidating operations.
Covela is an insurtech startup helping SMEs explore and compare insurance pricing options over a single platform. Partners can also obtain the insurance contract itself, as well as manage insurance policies. This way, their company can always remains protected. The platform is available for everyone regardless of their insurance issuer.
From its inception, the startup has strived to make its native Mexico more accommodating for SMEs. Oftentimes, these young companies go unprotected, which can be risky for any enterprise.
“Covela was born with the mission of helping other companies to be sustainable over time,” said Víctor Garrido, CEO and co-founder of Covela. “In Mexico, more than 80 percent of SMEs do not have insurance for their company, which makes them extremely vulnerable to any incident.”
Plenty of benefits
Not only does the startup’s value proposition save time for users by displaying insurance quotations in less than 15 minutes. Moreover, it also saves them money by conveniently showing every market option.
This makes the most affordable choices the most visible. Even better, the options fitting the company’s needs and adaptations are easy to spot. In the process, this saves people plenty of time and energy. Companies can obtain their quotations online as well as communicate with attentive phone agents for support.
Companies benefiting from these services operate in a wide variety of industries. Some of these being restaurants and coffee shops, dry cleaning services, dental offices, printing offices, hotels, constructions, among others.