Brazilian digital life insurance provider Azos has raised $10m in a Series A funding round led by Prosus Ventures.
Also participating in the round was Kaszek Ventures, Maya Capital and Propel.
Azos said it will use the funds to scale the company further, improving technology and launching new products, as well as expanding access to education around financial protection and planning. In addition, funds will go towards expanding Azos’ brokerage options. The company currently has a waitlist of over 500 brokers interested in becoming distribution partners, as Azos provides a unique and valuable product for their customers.
Launched in 2021, Azos said its aim is to protect Brazilian families and democratise life insurance.
Rafael Cló, CEO of Azos, said, “The lack of transparency, high premiums, and long wait times with current life insurance products are just a few reasons why many consumers and brokers neglect to purchase or sell life insurance at all.
“We created Azos precisely to fix these problems. Leveraging technology and data science to automate our application process, we are able to offer a novel product, and simplify the process for anyone in Brazil to access life insurance.”
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