Pier, a Brazil-based full-stack insurtech, announced earlier this week it secured $14.5 million through its Series A funding round, which was led by Monashees with participation from Canary, Mercado Livre, and BTG Pactual. Founded in 2018, Pier states it adopts artificial intelligence to bring a unique experience to users, has attracted consumers by offering an “easy process and the fastest refunds in the market.”
While sharing more details about the Pier platform, Igor Mascarenhas, Co-Founder and CEO of Pier, stated:
“We offer the best flow to buy auto insurance in the world. There is no one who can approve an auto insurance policy as fast as we do, and in such a simple way. Not even insurtechs that are references all over the globe. We have developed an extremely robust technology and added a very refined anti-fraud predictive capability.”
Speaking about the investment, Marcelo Lima, partner at Monashees, further commented:
“The insurance market is very large and presents several opportunities for innovation through the use of technology, whether in customer experience, product design, distribution or use of sensors. As in other financial segments, this market will accelerate a lot. Pier has an excellent team and is very well positioned to lead this movement, offer great value to customers and become a giant company.”
Mascarenhas added that the Series A funds will be used for the company to make investments in the auto market.
“We want to be in every state of Brazil in the first semester of 2021.”