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A new financing round for Yolo was led by Neva Finventures and Intesa Sanpaolo Vita

The insurtech Yolo has recently completed a financing round worth $3.43 million (€3 million). The round was opened last October, with the objective of raising up to $22.8 million (€20 million) by the first quarter of 2020. However, because of the coronavirus pandemic, the collection of funds stopped for the moment. The company will use the money to consolidate its position in Italy and Spain.

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A new financing round worth $3.43 million (€3 million) for Yolo, Italy’s leading digital insurance brokerage and services group was recently completed. The round was led by Neva Finventures (the banking group’s corporate venture capital, which is owned by Intesa Sanpaolo Innovation Center), already a shareholder of Yolo, and Intesa Sanpaolo Vita, a new shareholder, which entered with a 2.5% stake. 

The round was also attended by Primomiglio sgr (former shareholder of Yolo), Banca di Piacenza, Be Shaping the Future and CRIF. In the transaction, EY supported Yolo.

Find out more about the last financing round completed by the insurtech company Yolo and read the most interesting finance news with the Born2Invest mobile app.

The capital increase will help Yolo further strengthen its position in Italy and Spain

Yolo is the first Italian Insurtech player to provide fully digital micro insurances and on-demand insurance, with a proprietary web and mobile channel with which it distributes directly and indirectly through partners. It also has a catalogue of on-demand policies, which can also be activated in real time by smartphone and currently cover travel, goods, people and health with micro, pay-per-use and traditional solutions. Yolo is also a technological enabler that offers traditional operators technological solutions for end-to-end management of the sales process.

The startup was founded in 2017 by Simone Ranucci Brandimarte, founder of Buongiorno e Glamoo (a pioneer company in mobile commerce, later sold to Seat Pagine Gialle) and president of Digitouch (one of the leading Italian companies in digital marketing applied to mobile, a company listed on Aim), together with CEO Gianluca de Cobelli (former manager in CartaSì, Amex, EY and Reply) and Mansutti spa, historic Italian insurance brokerage company.

In the two-year period 2018-2019, Yolo defined partnerships with SAS, leading banks (for example, Intesa Sanpaolo Group, CheBanca! and Banca Ifis), insurance companies (for example, Intesa Sanpaolo Assicura, Zurich, Genertel, Helvetia and Net Insurance) and retailers, also operating in the sharing economy.

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The capital increase will enable Yolo to further consolidate its position in Italy and Spain through the development of new digital solutions and new distribution partnerships. The round was opened last October, with the objective of raising up to $22.8 million (€20 million) by the first quarter of 2020. However, the COVID-19 pandemic has complicated things and for the moment the collection has stopped at $3.43 million (€3 million).

This was the fourth round of funding for Yolo

Previously, in October 2017, in the first round of $1.13 million (€1 million) had participated Barcamper Ventures (managed by Primomiglio sgr), Miro Ventures and Mansutti, while in 2018 Yolo had announced that it wanted to close a round of $6.86 million (€6 million) by July, then postponed until early 2019, with Barcamper that in the meantime had funded a second round for another million or so. 

In January 2019, the startup raised the other $5.72 million (€5 million) in series A financing rounds led by Neva Finventures and Barcamper Ventures. Net Insurance and Miro Ventures also participated in the round. In total, therefore, to date, the startup has collected $11.43 million (€10 million) from investors since the start of operations.

About the last round, Nicola Maria Fioravanti, CEO of Intesa Sanpaolo Vita, head of the Intesa Sanpaolo Group’s insurance division, said: “The partnership with Yolo has a strategic value for the entire insurance division, which intends to exploit the potential of insurtech to strengthen its offer, increasing the use of contracts and digital channels, and forms of instant insurance. With the same objective, a permanent laboratory for experimentation in digital innovation will be created.”

Gianluca De Cobelli, co-founder and CEO of Yolo Group, commented: “The confidence placed in us by investors confirms our interest in the growth potential of insurtech and is an incentive to continue on the path of development. We believe that our business model, based on new consumer habits and access to online services, can be even more productive in the current scenario, characterized by the increased sensitivity of people and companies to risk protection and the need of insurance market players to develop the digital offer.”

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.