Wenalyze has closed a €1.7 million investment round. Athos Capital led the round, with the participation of Bankinter, through the Venture Capital Programme developed together with Bankinter Innovation Foundation, astoryaVC –venture capitals focused on InsurTech–, and GoHub –the corporate investment fund by Global Omnium.
Currently, in the insurance industry, more than 50% of SMEs clients’ data at the worldwide level are incorrect, outdated, or missing. Wenalyze updates correctly and enriches the data with its technology. As a result, insurance companies and banks can better estimate the policies’ related risks and prices; this, in turn, brings along benefits both in terms of revenues (lower churn from clients because of better pricing) and opex (lower costs thanks to an improved efficiency).
This round will help Wenalyze move forward in grabbing what is considered to be a 2-trillion-Euros opportunity, consolidating its presence in Spain, UK, and Germany through clients who are Tier 1 insurers, and even InsurTech players. At the same time, the company aims to keep growing in new European markets.
Carlos Albo, CEO and Co-Founder of Wenalyze
Carlos Albo, the CEO and Co-Founder of Wenalyze, stated that “Open Data sources are the new gold for the digital era. For the insurance sector, having data being updated automatically in real-time means not depending on clients filling out complex forms to gather their data, thus speeding up the processes of selling new policies. Most importantly, though, it means that the insurance operator will be able to proactively adapt the product offering to the needs and circumstances that a client has from time to time”.
Fernando Castiñeiras, Managing Partner of Athos Capital
In turn, Fernando Castiñeiras, Managing Partner of Athos Capital, stated that “In spite of the digital revolution that has been happening over the last two decades across many industries, it is striking to see how many inefficiencies still characterise the insurance sector, both amongst traditional and newer players. Wenalyze offers these players the opportunity to increase their efficiency within a segment (that of commercial policies of SMEs) which is key within their portfolios, and yet has very tight margins. We are very proud to be backing the Wenalyze team at this stage, especially given that we are doing so alongside VCs such as Bankinter, astoryaVC and GoHub.”
Florian Graillot, from astoryaVC
Florian Graillot, from astoryaVC, indicated that “As underwriting remains key to developing a sustainable insurance business, Wenalyze could help re/insurers supercharge their risk assessment process in commercial lines, with not only a huge amount of data, but most of all focusing on relevant data. And their traction with big names in the market as much as with leading InsurTech players shows how valuable their technology is for corporates. That’s why we are very excited to back the team, to accelerate its development across Europe.”
Wenalyze’s founding team has relevant experience in the insurance industry and has had extensive professional exposure working in large multinationals, both at technological and regulatory levels. Along with the founders, the company counts on a young gender-equal, and very competent team.