The Barcelona-based digital insurer Cleverea has closed a five-million-euro investment round for the launch of new multi-line products and to enter the segment of car and home insurance policies.
The operation, in which existing financial partners Inveready and Bonsai Partners participated, was an opportunity for the British venture capital fund Stride to make its first investment in Spain. Stride, founded in 2018 by Fred Destin —one of the founders of Deliveroo— and Harry Stebbings, has become one of the early-stage venture capital funds with the best track record in Europe. Foreign funds TA Ventures and FJ Labs also subscribed a portion of the capital.
Likewise, the financing round was an opportunity to bring in Glovo co-founder, Oscar Pierre, who will join the board of directors of the Catalan neo-insurer, along with Cleo Sham, partner at Stride and formerly COO (Chief Operating Officer) of Spotahome.
Cleverea has completed its round, with subscriptions for its employees and for corporate investors such as Scale Lab, Crèdit Andorrà's investment vehicle.
Cleverea operates as an underwriting agency that designs and markets its own insurance products, and digitizes everything from risk underwriting and product creation to claims processing.
The company digitally designs and markets its own mobility insurance and home rental insurance productsThe company was founded in 2019 under the leadership of brothers Javier and Joan Bosch and Álvaro Sanz. His previous experience in strategic consulting and investment banking at firms such as Oliver Wyman or Bank of America, allowed them to add value to the activityinsurtech offering the user in a digitized way the entire insurance value chainfrom risk underwriting and product creation to claims processing, in an accessible way for all types of clients, to whom it guarantees total transparency of the content and coverage of the policies. "We are committed to providing transparency, simplicity and excellent customer service to millions of digital natives," says Javier Bosch.
Since its inception, Cleverea has designed insurance for the new demand for personal mobility ---bicycles, motorcycles and scooters---, with policies suitable for each need, and more recently, it has launched an insurance for tenant deposits, whereby, in exchange for a monthly fee, the tenant avoids having to pay the deposit when signing a rental apartment contract, as it is the insurer who pays the fee to the property owner. In addition, Cleverea carries out an assessment of the tenant's solvency before committing to pay the deposit, which also benefits the landlord because it provides security regarding their rental contract.
With this expansion, and since its creation, Cleverea has completed four funding rounds, and has raised close to 1.5 million euros in resources.