Valencia-based insurtech Wenalyze has raised €1.7 million in funding. The round was led by Athos Capital and saw participation from Bankinter through its venture capital program Bankinter Innovation Foundation, astoryaVC and GoHub, Global Omnium’s venture capital fund.
The new capital will help the startup move forward by seizing a €2 trillion opportunity, consolidating its presence in Spain, the UK and Germany through customers who are Tier 1 insurers, and even insurtech players. At the same time, the company aims to continue its growth in new European markets.
Focused on open data analytics to simplify insurance processes, the startup offers a solution that automatically collects information to improve the efficiency and accuracy of business line risk assessment for the banking and insurance.
Carlos Albo, co-founder and CEO of Wenalyze, said: “Open data sources are the new gold of the digital age. For the insurance industry, having data automatically updated in real time means not depending on customers filling out complex forms to collect their data, thus speeding up new policy sales processes. Importantly, it means that the insurer will be able to proactively adapt the product offering to a customer’s needs and circumstances from time to time”.
Fernando Castiñeiras, Managing Partner of Athos Capital, said: “Despite the digital revolution that has taken place over the past two decades in many sectors, it is striking how many inefficiencies still characterize the investment sector. insurance, both among traditional players and new ones. . Wenalyze offers these players the opportunity to increase their efficiency on a key segment (that of SME trade policies) of their portfolios, and yet with very tight margins.