At Fiat Ventures, we recognise that we wouldn’t be able to do what we do, without the incredible founders we back. Our capital helps cover some of the bills, but it’s truly the founders' tenacity, creativity and grit that bring these visions to life. We’re grateful to be a small part of their stories.
We’re fortunate to work closely with these teams of founders beyond just an investment. We also offer hands-on consulting, operating support and a deep network of advisors from the market’s leading growth consultancy, Fiat Growth and our advisor marketplace, Fiat Advisory.
Introducing Sigo Seguros
This month we’re shining the spotlight on one of our fastest growing portfolio companies who continue to demonstrate that it’s possible to do good and perform well - Sigo Seguros.
The Hispanic community is the largest contributor to the U.S. population growth accounting for 54% of total growth, and with a population of 62.5m in 2021 (19% of total US population). Despite this large and expanding population, this demographic is also one of the most overlooked when it comes to access to financial services. Today, millions of individuals continue to rely on brick and mortar stores for access to insurance, banking, lending and remittances. This is especially true in the car insurance category due to antiquated underwriting standards, customer criteria and anachronistic distribution. Sigo Seguros provides better coverage for Hispanic drivers in the U.S. through its bilingual, mobile-first platform, which automates underwriting and lowers the cost to onboard customers. The company saves drivers money by not using biased rating factors, like credit score, but instead by using its proprietary scoring to select risk. Sigo is the first to digitize the insurance process for Spanish speakers and immigrant drivers, which allows it to collect more data than competitors through the customer life cycle. This has led to a best-in-class acquisition cost driven by word of mouth, without sacrificing loss ratio performance. As 50M+ new drivers enter the road over the next decade, they’re in a position to take a significant portion of this market, while also driving a better product experience and costs to end consumers.
Fiat Ventures first invested in Sigo in their pre-seed round and have continued to support them through their pre-Series A round, raised earlier this year. Fiat Growth, the Fintech markets leading consultancy, has also worked closely with the Sigo team since early iterations of the product. They have additional top tier backing from Listen Ventures, Chingona Ventures, Zeal Capital Partners and Revolution’s Rise of the Rest.
Why we invested in Sigo
As we often say at Fiat Ventures, we invest in great ideas but the most important factor is the teams that are able to bring these visions to life. The founders at Sigo Seguros are exactly that. Demonstrating excellent founder-market-fit, alongside passion and grit, the team has continued to drive through tough decisions and environments to bring Sigo to where it is today - the market leading car insurance solution for an overlooked demographic.
Sigo’s Co-founder and CEO, Nestor Solari, is the son of Uruguayan immigrants and was inspired to start Sigo after seeing family members struggle to buy auto insurance firsthand. He and Julio met during their MBA at Wharton.
Julio Erdos, Sigo Co-Founder and COO is a Brazilian immigrant who started his career as a management consultant at Bain, and understands the challenges faced by Sigo's customer base.
Stay tuned for exciting announcements
Since closing their pre-Series A round, Sigo continues to push into new markets with large immigrant communities with few suitable options for auto insurance. If you're a Series A investor and would like to get to know the Sigo team, please reach out to caitlin@fiat.vc with any questions and to get connected with the Sigo team.
