Greenlight Capital Re has invested in another startup, this time a digital insurance platform launched in South Africa. Miami-based private equity firm HCS Capital Partners said it has committed funding to a rapidly expanding Chilean startup focused on the auto insurance and telematics space.
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Greenlight Capital Re Ltd. has invested in a digital insurance platform produced by South Africa-based Click2Sure.
The Cayman Islands-headquartered company made the investment through its Greenlight Re Innovations division. Greenlight did not disclose the amount of the investment.
Click2Sure has developed a comprehensive digital platform for distributing, managing and purchasing insurance at the point of sale. The company was launched in 2017 by entrepreneurs Daniel Guasco and Jacques Van Niekerk. Guasco previously led Groupon South Africa as CEO and prior to that was the founding director of online group buying website Twangoo. Van Niekerk has served as chief technology officer to several e-commerce companies in South Africa including Takealot, Mr. Delivery and Prodigy Finance.
Click2Sure is the third investment announced by Greenlight Re Innovations, which was launched in March 2018 to seek technology and innovation opportunities relating to the reinsurance and insurance markets. On Sept. 28, it disclosed a strategic investment in Galileo Platforms, a blockchain-related business based in Hong-Kong focused on emerging markets in Asia.
On Oct. 5, it announced an investment in Sana Benefits, an Austin, Texas-based third-party administrator (TPA) focused on the rapidly growing self-insured health market in the United States.
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HCS Capital Partners said it has completed a $3 million investment in Jooycar, a Chilean startup focused on the auto insurance and telematics space in Latin America.
This InsurTech investment is HCS’s most recent commitment. The Miami-based private equity and operating firm uses its Tech 1 fund to invest in InsurTech and fintech opportunities in the U.S. and South America.
Jooycar, based in Santiago, Chile, is expanding to the U.S. and across Latin America. The company provides a car connected platform and services, using telematics and machine learning to develop usage-based insurance (UBI) products for commercial and personal lines.
Jooycar combines data collected from devices plugged into the car, as well as a mobile app, to deliver high-quality, rich data about the driver and vehicle. This data includes real-time vehicle information, customized maintenance reporting, loss prevention, detailed driver risk assessment and scoring, driving patterns, route optimization, etc.
HCS Capital Partners has a portfolio that includes Figo Pet Insurance, the leading InsurTech platform in the U.S. pet space. HCS closed the initial tranche for HCS Tech Fund I, and its currently raising additional capital for the debut fund.
Sources: Greenlight Capital Re Ltd., HCS Capital