(Image source: Sigo homepage.)
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.”
Understanding Pain Points of Working-Class Hispanic Drivers
“Sigo Seguros has built an insurance product that understands the pain points of Hispanic working-class drivers,” says Rick Desai, Managing Partner and Head of Investments, Listen Ventures. “Their approach to underwriting, removing predatory tactics and fees, and the mobile-first solution undoubtably puts this consumer population first. Listen is grateful to be a part of their mission for better access to all working-class communities.”
“We’re elated to have connected with Sigo Seguros in a partnership grounded in forwarding change for the Hispanic community,” comments Samara Hernandez, Founding Partner, Chingona Ventures. “They have built a company that understands the Hispanic markets’ unique way of making decisions and consuming media.”