Softbank, K Fund, Kindred Ventures, Shilling and Astorya invest in Vitaance

Vitaance is the insurtech chosen by the startup incubator Antai Venture Builder, led by entrepreneur Miguel Vicente, to update the world of life insurance. The proposal of this Barcelona-based startup consists of offering a traditional policy, which it designs, sells, and manages itself and is financially backed by other insurance entities, while also proposing challenges to users to improve their quality of life. The tests are carried out through a mobile application, which also provides information on healthy habits. If Vitaance customers overcome the challenges and improve their physical condition, the company gives them rewards, which basically consist of donations to NGOs.

Established in January 2021 with a share capital of 370,000 euros, Vitaance has just closed a three-million-euro round, in which Kindred Ventures, Astorya, Softbank, Shilling, and K Fund participated. The startup was going to complete the round last June for one million euros, but it attracted the interest of more investors and has ended up expanding to the figure achieved now. Given the response obtained, Antai, a founding partner, has not participated.

The resources obtained are intended to accelerate the company's growth plan. Thus, it is planned to increase the workforce, currently eight employees, to between 25 and 30 in the next six months. They will also be dedicated to improving the technology behind its app, which uses artificial intelligence, Internet of Things (IoT), and machine learning to better understand users and adapt to their lifestyles to improve them.

Likewise, the startup plans to expand its product to other countries, especially in Southern Europe and Latin America. Vitaance, which does not provide revenue forecasts for this first year, expects to reach 3,000 users by the end of 2022. For now, its application is used by about twenty companies. With offices in Barcelona and Madrid, it is focused on companies in the technology sector. It estimates that it will not start registering profits until a couple of years from now.