Monday, April 12, 2021

50 startups: Pier attracts investors and challenges traditional insurers

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This report is part of the series “50 startups that change Brazil”, published in EXAME. Meet the other selected companies

More than 100,000 people are waiting in line to purchase Pier smartphone or car insurance. Founded in 2018, the startup expects its customer base to grow 50 times by the end of 2022 to reach 750,000 people. The projection is bold, but realistic. Mainly because the company has enough money to operate.

In November, insurtech raised $ 14.5 million in an investment round led by venture capital fund Monashees. The round also included the participation of Canary, the MELI Fund (from Mercado Livre), and the bank BTG Pactual.

As determined exclusively by EXAME, the company had been meeting monthly with potential investors and the current investment was negotiated for at least six months. The plan is to expand the operation of the company, which had already received another $ 7.6 million in a round in March last year.

Part of the money will be used precisely for the purpose of clearing the queue and expanding services – but without creating other categories, at least for now. Even with money, the company continues to exercise caution – a characteristic known to those who take out insurance.

To reach this level, Pier bet on two pillars. The first is ease. The entire process of hiring and using the second one is done in minutes on the company’s website. “We have already had cases of customers who received a refund in 38 seconds,” says Igor Mascarenhas, co-founder and president of the company.

In addition to Mascarenhas, the business idea is also by Lucas Prado and Rafael Oliveira. The trio met at the State University of Campinas (Unicamp), still in 2006. The idea of ​​setting up a company, however, only came a decade later and the operation only came out of the paper more than a decade later, in September 2018

The company initially came up with smartphone insurance, which remains the main business. Automobile insurance, launched last year, is still being structured gradually, but is already starting to accelerate and is expected to leave São Paulo and Minas Gerais only to land in other regions of Brazil in 2021.

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