TLDR:
- Brazilian insurtech Akad raised $22.5M in a Series A round led by Valor Capital Group and Across Capital
- Akad will use the funds to offer more robust solutions for insurance brokers and partners by utilizing AI and machine learning
Brazilian insurtech Akad has successfully raised $22.5 million in a Series A funding round co-led by Valor Capital Group and Across Capital. Other participants in the round include Actyus, Endeavor Catalyst, and Endeavor Scale-Up Ventures. Akad, recently authorized to operate in the personal insurance space by Susep, plans to use the funds to enhance its offerings for insurance brokers and partners.
Founded in 2021 through a partnership between Grupo GP and Cyberlabs, Akad utilizes AI and machine learning to provide a range of B2B insurance products and services. The company aims to make processes more efficient and agile by automating various manual tasks that are currently handled through phone calls and paper forms. Paulo Passoni, Head of Growth Investing at Valor Capital Group, highlighted the importance of artificial intelligence in the insurance industry and the potential for efficiency gains through process automation.
In 2023, Akad closed with over 300,000 new policies issued and gross premiums exceeding $180 million. The company’s success in the Series A funding round demonstrates strong investor confidence in its business model and growth potential.
