Weecover, a Barcelona-based insurtech specializing in embedded insurance, secured €4.2 mn in funding to support growth and international expansion. Swanlaab Venture Factory led this second funding round, with continued investment from Nauta.
Other participants included La Roca Capital, Bankinter, Prosegur, and Íope Ventures, the investment arm of Telefónica Seguros and Wayra. Several prior investors, including Astorya VC, also joined.
CEO Jordi Pagés stated that backing from firms like Swanlaab and Nauta accelerates expansion and strengthens the company’s offerings. He emphasized the company’s commitment to delivering innovative insurance solutions.
Having the backing of funds such as Swanlaab or Nauta allows us not only to accelerate our expansion plans, but also to strengthen our value proposition and continue to offer innovative solutions to our clients. We are excited about the future that lies ahead in the insurance sector.
Jordi Pagés, CEO of the company
Founded in 2019 by Jordi Pagés and Rafael Gallardo, Weecover provides APIs and technology that enable insurers to connect with consumer distributors quickly, securely, and competitively.
Its Insurance as a Service (IaaS) platform allows businesses, including retailers, e-commerce platforms, financial institutions, and digital applications, to integrate insurance products efficiently.
The platform supports multiple products and companies while managing insurance sales, contracts, and after-sales operations. Weecover enables distributors to integrate insurance services within weeks, adapting to operational needs while ensuring high security, privacy, and performance.
Weecover now incorporates Gen-AI into its operations to improve customer service and reduce costs.
Juan Revuelta, Partner at Swanlaab, highlighted the company’s potential in embedded insurance. He noted Weecover’s competitive technology and industry expertise as key differentiators.
We firmly believe in the promising future of this space within Insurtech and in Weecover’s ability to lead this transformation thanks to its market vision. It is a sector full of opportunities and we are confident that Weecover will play a key role in its development.
Juan Revuelta, Partner at Swanlaab
Weecover partners with major retailers and financial institutions in Spain, including PcComponentes, FNAC, Decathlon, and seQura, as well as insurers like Mapfre, Línea Directa, and Lagunaro. The company also operates in Portugal, France, Andorra, and Mexico.
By the end of 2024, the platform processed over 100k insurance contracts annually. With 20 employees, Weecover plans to expand its marketing, sales, and tech teams to strengthen its position in Spain and expand internationally.
Jordi Viñas, General Partner at Nauta, praised Weecover’s growth and impact on the insurance sector. He highlighted its ability to integrate insurance seamlessly into clients’ businesses, enhancing their profitability and positioning itself as an essential partner.
Since Nauta invested in Weecover in 2021, we’ve had the pleasure of watching the company and the team grow and mature. We see that the insurance industry continues to adapt as consumers want easy access to a broader base of products
Jordi Viñas, General Partner at Nauta
“We’ve been impressed by the traction Weecover’s solution has had amongst a varied group of customers looking to offer insurance products embedded in their sales process. By enabling the seamless addition of insurance to its clients’ existing offering and thereby increasing their clients’ profits, Weecover has become a must-have product for those clients. Hence, we’re very optimistic about the future of the company.”
