Sigo Seguros Lands $10.5M Series A To Expand Digital-First Insurance For Latine Drivers

Sigo Seguros, a digital-first auto insurance serving Hispanic and Latine communities, has secured $10.5 million in Series A funding.

Making Auto Insurance Easier and More Affordable

Founded in 2019, Sigo specializes in non-standard auto insurance. Drivers in need of this insurance are often pushed to broker-run brick and mortar agencies, whic typically charge higher fees.

Sigo offers a fully digital Spanish-language service that allows customers to obtain insurance in minutes through a mobile platform.

“Immigrant and working-class communities struggle to buy auto insurance, whether it’s because of a lack of a credit score, a language barrier or being undocumented,” Sigo CEO Néstor Hugo Solari said, per Axios.

By contrast, Sigo eliminates the need for credit checks, information on education and employment history, as well as the extra fees often charged by traditional insurers.

Its business model appears to have resonated with customers, with the company reporting 500% growth in Gross Written Premiums in 2023.

Plans for Expansion

Varco Capital and Listen Ventures led Sigo’s Series A funding round with participation from Angeles Ventures, Flintlock Capital, and existing investors Zeal Capital Partners, Rise of the Rest, and Fiat Ventures.

The new funding will help the Texas-based company expand to markets with large immigrant populations and limited auto insurance options like florida and California.

Rafael Varela, Partner at Varco Capital and founder of Pronto Insurance, will join Sigo’s board.

“Varco Capital is excited to partner with Sigo Seguros to bring a modern approach to the non-standard auto insurance market,” said Rafael Varela, Partner at Varco Capital and founder of Pronto Insurance, in a press release.

“We are eager to support their much needed offering in the coming months and years ahead.”

Image credit: Sigo Seguros