Mexican Insurtech ARCA closes US$1.2M seed round with Magma, LEAP, and Peña Verde

August 2, 2020
Content Writer at Contxto
📷
forbes.com.mx
In Mexico, insurance is viewed as costly and filled with confusing jargon. So the natural thing people do is not have insurance at all. Fortunately, there are startups who are working to disrupt this market and raising the funds for it.

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Mexico-based insurtech ARCA recently closed a seed round for US$1.2 million through Magma Partners, LEAP Global Partners, and Grupo Peña Verde.

The startup is geared towards coverage for your car. Nonetheless, it has a deep understanding of the overall insurance industry’s pain points. And it’s something I wish to see reflected more of in startups working with other types of insurance policies.

Insurance startup ARCA

Through the insurtech’s platform, users can simultaneously compare and contrast car insurance policies with different purveyors and then buy a policy online. A few clicks and you’ve got coverage for your vehicle and you can manage it in one single place.

LEAP Global Partners was impressed with how scalable ARCA’s solution was and how it operated both as a B2B and B2C. Moreover, the venture capital (VC) fund acknowledged the ARCA team’s potential given its expertise in the insurance industry.

Juan Gironell and his sons, Juanma and Javier, co-founded the startup in 2013. Together, they have an extensive background after having worked for large insurance companies like Mapfre and Zurich.

They know the ins and outs of the business, but more importantly, the pain points when it comes to the market in Mexico.

Through a digitized approach, insurtechs, VCs, and insurance companies alike hope for better market penetration in Mexico.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Mexico-based insurtech ARCA recently closed a seed round for US$1.2 million through Magma Partners, LEAP Global Partners, and Grupo Peña Verde.

The startup is geared towards coverage for your car. Nonetheless, it has a deep understanding of the overall insurance industry’s pain points. And it’s something I wish to see reflected more of in startups working with other types of insurance policies.

Insurance startup ARCA

Through the insurtech’s platform, users can simultaneously compare and contrast car insurance policies with different purveyors and then buy a policy online. A few clicks and you’ve got coverage for your vehicle and you can manage it in one single place.

LEAP Global Partners was impressed with how scalable ARCA’s solution was and how it operated both as a B2B and B2C. Moreover, the venture capital (VC) fund acknowledged the ARCA team’s potential given its expertise in the insurance industry.

Juan Gironell and his sons, Juanma and Javier, co-founded the startup in 2013. Together, they have an extensive background after having worked for large insurance companies like Mapfre and Zurich.

They know the ins and outs of the business, but more importantly, the pain points when it comes to the market in Mexico.

Through a digitized approach, insurtechs, VCs, and insurance companies alike hope for better market penetration in Mexico.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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