Italian InsurTech Yolo has raised €5m in its Series A round which was led by Neva Finventures, the investment arm of Italian bank Intesa Sanpaolo.
Other participants to the round include Barcamper Ventures, Net Insurance and Miro Ventures. As part of the deal, Intesa Sanpaolo Assicura head of protection Alessia Truini will join the company’s board of directors.
Yolo is a digital insurance brokerage app which helps consumers access on-demand insurance policies for travel, items, health and people. Consumers can takeout products for either a daily or monthly basis.
Through the app, users can manage their coverage and gain access to better personalised coverage.
Capital from the round is earmarked for expansion plans and industrial development processes. The company is hoping it will now be able to accelerate the development of its technology and cement its position in Italy.
The company is also looking to kickstart its international development plan and potential M&A operations.
This is the third funding round raised by the InsurTech, putting its total equity raised to around €7m.
Yolo Group co-founder and CEO Gianluca De Cobelli said, “Thanks to Intesa Sanpaolo’s investment and the support of all the other investors that believed in our project, we have the potential to accelerate and implement the innovation and digital transformation process that is taking place in the insurance sector, also expanding our presence at international level. Our aim is to develop our range of insurance solutions in order to meet the new requirements of the digital consumer.”
Last week, digital insurance broker Mylo raised $28m in its Series A round which was led by Guggenheim Partners.
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