Country for PR: United States
Contributor: PR Newswire New York
Friday, November 27 2020 - 13:00
Insurtech Pier receives an investment of US$ 14.5 million
SAO PAULO, Nov. 25, 2020 /PRNewswire-AsiaNet/ --

Pier, leader in full-stack insurance in Latin America, has recently received a 
US$ 14.5 million Series A investment led by monashees — pioneer venture capital 
fund in Latin America, leader in unicorn creation — and with the participation 
of Canary, Mercado Livre and BTG Pactual. The startup, which adopts artificial 
intelligence to bring a unique experience to users, has attracted consumers by 
offering an easy process and the fastest refunds in the market.

The insurtech is preparing to go beyond with Series B investors in 2021. Pier's 
history began in 2018. With the resources available at the time, the founders 
invested in technology and in a highly qualified team, which includes a former 
NASA employee, AI specialists and executives from global startups. In 2019, 
Pier invested in marketing and communication and attracted no less than 15 
thousand customers to cell phone insurance, which is contracted online using 
only three clicks. The structure was consolidated and, at Carnival 2020, the 
company broke its own record: refunded a mobile phone insurance claim in just 
38 seconds. Until now, Pier has already paid R$ 5.6 million in refunds.

Simultaneously, in 2019 Pier started to offer auto insurance as well. The 
company saw quite an opportunity in a market where only 30% of the entire 
Brazilian auto fleet are insured. MVP was tested in Belo Horizonte (Brazil) 
and, in January 2020, the insurtech launched Auto Insurance for the state of 
Sao Paulo. "With the received funds, we will make major investments to increase 
the auto market. We want to be in every state of Brazil in the first semester 
of 2021," says Igor Mascarenhas, co-founder and CEO of Pier.

When it comes to Auto, Pier has a technology that, until now, is unbeatable 
worldwide. "We offer the best flow to buy auto insurance in the world. There is 
no one who can approve an auto insurance policy as fast as we do, and in such a 
simple way. Not even insurtechs that are references all over the globe. We have 
developed an extremely robust technology and added a very refined anti-fraud 
predictive capability," emphasizes Mascarenhas.

Monashees' investors explain that it was the cultural fit and disruptive 
potential of great positive impact for the sector that most led them to invest 
in Pier. "The insurance market is very large and presents several opportunities 
for innovation through the use of technology, whether in customer experience, 
product design, distribution or use of sensors. As in other financial segments, 
this market will accelerate a lot. Pier has an excellent team and is very well 
positioned to lead this movement, offer great value to customers and become a 
giant company," says Marcelo Lima, partner at monashees.

More information: 

Lucas Prado + Head of Marketing + + 55 11 98232-2564


CONTACT: Gil Stefani,, +55 11 987853926