The commercial insurance underwriting industry in Latin America is evolving rapidly, characterized by a mix of traditional insurers and innovative tech startups. Companies offer solutions ranging from property and casualty insurance to specialized liability coverage. Recent trends indicate a growing emphasis on digitalization and insurtech, which aim to streamline processes and enhance customer engagement. The rise of data analytics and AI is enabling more precise risk assessments, driving higher efficiency. As the industry adapts to emerging risks, including climate change and cyber threats, it is set to play an increasingly significant role in the region's economic stability.

The investors listed here represent a selection of prominent venture capital firms and corporate entities based in Latin America. Most are located in São Paulo, with others in Buenos Aires and Santiago. Founded between 2005 and 2018, they vary in size, from small teams to larger entities with significant deal-making capacity. In 2024 alone, they collectively engaged in numerous investments totaling over 200 unique transactions across technology and insurtech companies, showcasing a robust commitment to nurturing innovation in the sector.

Top 17 Commercial Insurance Underwriting Investors in Latin America

1. bossa invest

• Website: bossainvest.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 56
• LinkedIn: bossainvest

Bossa Invest is a venture capital firm based in Sao Paulo, Brazil, founded in 2011. The firm specializes in investing in innovative startups, particularly in the technology sector, and has made a significant number of investments, totaling 56 in 2024 alone. Bossa Invest supports startups by providing capital, strategic guidance, and access to a network of co-investors, while also offering educational resources to empower entrepreneurs. Notably, Bossa Invest has been involved in transactions within the commercial insurance underwriting context, such as their investment in Mutuus Insurtech, which raised $267,065 in a seed round in April 2021, and Granto Seguros, which raised funds in both pre-seed rounds in 2022 and 2024. These transactions highlight Bossa Invest's commitment to fostering innovation in the insurance sector, making them a valuable player in the commercial insurance underwriting landscape.

2. Kaszek

• Website: kaszek.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 17
• LinkedIn: kaszek-ventures

Kaszek is a venture capital firm founded in 2011, based in Sao Paulo, Brazil, that focuses on investing in and supporting entrepreneurs across various technology-driven industries in Latin America. With a strong emphasis on long-term partnerships, Kaszek aims to foster a vibrant technology ecosystem in the region. Among its notable transactions, Kaszek has invested in Crabi, a Mexican insurtech startup that raised $4 million in a seed round to enhance the vehicle insurance process. This investment highlights Kaszek's engagement in the insurance technology sector, which is relevant to commercial insurance underwriting. Additionally, Kaszek has participated in funding rounds for ComparaOnline, a platform that compares insurance products, further demonstrating its interest in the insurance industry.

3. Monashees

• Website: monashees.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2005
• Headcount: 11-50
• Number of deals in 2024: 18
• LinkedIn: monashees-capital

Monashees is a venture capital firm based in Sao Paulo, Brazil, founded in 2005. The firm specializes in investing in technology-based companies across Latin America, providing not only funding but also support in areas such as talent acquisition and fundraising. Notably, Monashees has made significant investments in the insurtech space, including a $6.7 million pre-seed round for Latú Seguros, an innovative insurtech in Brazil, and a $31.4 million Series A round for 180° Insurance, which offers a B2B2C model for digital insurance sales. These transactions highlight Monashees' active role in the commercial insurance sector, particularly in supporting startups that are transforming traditional insurance practices through technology.

4. Magma Partners

• Website: magmapartners.com
• Type: Venture Capital
• Headquarters: Providencia, Santiago, Chile
• Founded year: 2014
• Headcount: 11-50
• Number of deals in 2024: 6
• LinkedIn: magma-partners

Magma Partners is a venture capital firm based in Providencia, Santiago, Chile, founded in 2014. The firm specializes in investing in early-stage startups across Latin America, with a strong emphasis on sectors such as fintech and insurtech. They have backed over 125 companies, aiming to address significant regional challenges and support scalable technology businesses. Notably, Magma Partners has invested in several companies relevant to the commercial insurance underwriting context, including Sekure, which raised $500,000 in a Pre-Seed round in 2021, and Guros, which secured $1,200,000 in a Seed round in 2020. These investments highlight their commitment to fostering innovation in the insurance sector, making them a relevant player in the commercial insurance underwriting space.

5. Canary

• Website: canary.com.br
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 11-50
• Number of deals in 2024: 23
• LinkedIn: canary-venture-capital

Canary is a venture capital firm based in Sao Paulo, Brazil, founded in 2017. The firm specializes in early-stage investments across Latin America, providing capital, co-founding assistance, and fostering a strong community of entrepreneurs. Canary has been involved in several notable transactions, particularly in the insurance sector. They participated in the seed round for 180 Insurance, which raised over $8 million, indicating their commitment to supporting innovative insurance solutions. Additionally, they were part of the investment round for Pier, a startup focused on vehicle and smartphone insurance, which raised $14.5 million to expand its operations. These transactions highlight Canary's engagement in the commercial insurance underwriting space, showcasing their interest in supporting startups that are redefining the insurance landscape.

6. Latitud

• Website: latitud.com
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2020
• Headcount: 11-50
• Number of deals in 2024: 24
• LinkedIn: latitude4

Latitud is a venture capital firm and startup accelerator based in Sao Paulo, Brazil, founded in 2020. It supports tech founders in Latin America by providing funding, mentorship, and community resources to help startups scale and succeed. Latitud has been actively involved in the tech ecosystem, with 24 investments in 2024 alone. Notably, Latitud participated in the funding round for Latú Seguros, an insurtech company in Brazil, which raised $6.7M in a pre-seed round. This investment highlights Latitud's engagement in the insurance technology space. Additionally, they have invested in various other startups, including Teddy and Hyperplane AI, showcasing their broad interest in innovative solutions across different sectors, including those that may intersect with commercial insurance.

7. Norte Ventures

• Website: norte.ventures
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2020
• Headcount: 1-10
• Number of deals in 2024: 11
• LinkedIn: norteventures

Norte Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2020. The firm focuses on empowering startups in the technology sector by providing resources, support, and investment management. Norte Ventures has been actively involved in the Brazilian market, fostering innovation and helping entrepreneurs navigate the challenges of building and scaling their businesses. Notably, they participated in funding rounds for 180 Insurance, a Brazilian insurance startup that offers a B2B2C model for selling insurance digitally, and Pier, a startup that provides vehicle and smartphone insurance. These investments highlight Norte Ventures' engagement in the commercial insurance underwriting space, as they support companies that are directly involved in providing insurance solutions.

8. Onevc

• Website: onevc.vc
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2017
• Headcount: 1-10
• Number of deals in 2024: 9
• LinkedIn: onevc

ONEVC is a venture capital firm based in Sao Paulo, Brazil, founded in 2017. The firm specializes in seed-stage investments in Latin America, providing financial backing and operational assistance to startup founders, particularly in talent acquisition and business strategy. One of their notable transactions includes an investment in Latú Seguros, an insurtech company in Brazil, where they participated in a $6.7M pre-seed round alongside other prominent investors. This involvement highlights their interest in the insurance technology space, which is crucial for modernizing commercial insurance underwriting processes. Additionally, Onevc has invested in various other sectors, but their engagement with insurtech positions them as a relevant player in the commercial insurance landscape.

9. Maya Capital

• Website: maya.capital
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 8
• LinkedIn: mayacapital

MAYA Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2018. The firm specializes in seed stage investments in startups across Latin America, providing not only financial backing but also strategic support in areas such as hiring, market entry, and fundraising. In 2021, Maya Capital participated in a funding round for Azos, a Brazilian digital life insurance provider, contributing to a total of $10 million raised. This investment highlights their engagement in the insurance sector, particularly in innovative solutions that improve access to financial protection and planning. Additionally, Maya Capital has been involved in other transactions, such as funding Alice, a company that raised significant amounts in Series B and Venture rounds, further showcasing their active role in supporting growth-oriented startups across various sectors, including technology and healthcare.

10. Lupa Capital

• Website: lupacapital.com.br
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2012
• Headcount: 1-10
• LinkedIn: lupa-capital

Lupa Capital is a venture capital firm based in Sao Paulo, Brazil, founded in 2012. The firm specializes in early-stage technology companies across various sectors, including healthcare, insurance, and software. Lupa Capital provides not only financial investment but also strategic support to help these companies navigate growth challenges. Notably, they have participated in significant transactions within the insurance sector, such as leading a funding round for 180° Insurance, a Brazilian startup that offers a B2B2C model for selling insurance digitally. This startup has launched multiple insurance products and services, showcasing Lupa Capital's commitment to supporting innovation in the insurance industry. Other relevant transactions include investments in companies like Pitzi and Coverflex, which also operate within the insurance and financial technology spaces.

11. Mercadolibre.com

• Website: mercadolibre.com
• Type: Corporate
• Headquarters: Buenos Aires, Buenos Aires, Argentina
• Founded year: 1999
• Headcount: 1001-5000
• Number of deals in 2024: 3
• LinkedIn: mercadolibre-com

Mercado Libre is an e-commerce platform founded in 1999, headquartered in Buenos Aires, Argentina. It facilitates online buying and selling across various product categories, including electronics, clothing, and home goods. The platform is known for its convenient marketplace features, such as free shipping and secure payment options. In addition to its core e-commerce operations, Mercado Libre has made significant investments in the insurtech sector, including a $3 million investment in 123Seguro, an insurtech leader in Argentina, and participation in a $14.5 million funding round for Pier, a startup specializing in vehicle and smartphone insurance. These transactions highlight Mercado Libre's strategic interest in the insurance industry, particularly in leveraging technology to enhance insurance offerings.

12. Alaya Capital

• Website: alaya-capital.com
• Type: Venture Capital
• Headquarters: Córdoba, Cordoba, Argentina
• Founded year: 2010
• Headcount: 1-10
• Number of deals in 2024: 5
• LinkedIn: alaya-business-accelerator-s-a-

Alaya Capital is a venture capital firm based in Córdoba, Argentina, founded in 2010. The firm specializes in investing in the next generation of digital entrepreneurs across Latin America, providing both funding and strategic support to help startups scale and grow in competitive markets. Alaya Capital has made notable investments in various sectors, including technology and insurtech. One of their key transactions includes a seed investment in 123Seguro, a leading insurtech company in Argentina, which raised $3 million in December 2017. This investment highlights Alaya Capital's engagement in the insurance technology space, aligning with their focus on technology-driven businesses that aim to create a positive impact. Additionally, they have participated in funding rounds for other startups, showcasing their active role in supporting innovative companies.

13. Mindset Ventures

• Website: mindset.ventures
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2016
• Headcount: 1-10
• Number of deals in 2024: 7
• LinkedIn: mindset-ventures

Mindset Ventures is a venture capital firm based in Sao Paulo, Brazil, founded in 2016. The firm specializes in early-stage technology investments and provides capital and strategic support to startups across various sectors, including financial services and healthcare. Mindset Ventures has been involved in several notable transactions, including a $2 million investment in Atidot, a company that leverages data analytics to enhance insurance underwriting processes. They also participated in the Series A funding of Angle Health, a health insurance provider for startups, which highlights their engagement in the insurance sector. Additionally, their investment in Kovrr, a cyber-risk modeling firm, further demonstrates their interest in companies that intersect with risk assessment and insurance. Overall, Mindset Ventures aims to help companies grow by offering business development assistance, mentorship, and access to valuable networks, making them a relevant player in the commercial insurance underwriting landscape.

14. Creditas Auto

• Website: creditas.com
• Type: Corporate
• Headquarters: Barueri, Sao Paulo, Brazil
• Founded year: 2012
• Headcount: 1001-5000
• LinkedIn: creditas-auto

Creditas Auto is a corporate investor based in Barueri, Sao Paulo, Brazil, founded in 2012. The company specializes in financial services, offering a diverse range of credit and insurance solutions to both consumers and businesses. Their services include vehicle and property-backed loans, personal loans, and various insurance products, all facilitated through a digital platform for easy access. Notably, Creditas has made significant strides in the insurance sector by acquiring Minuto Seguros, a leading digital insurance company in Brazil, in July 2021. This acquisition aims to enhance their product ecosystem by integrating credit, insurance, and consumption solutions. Additionally, they have acquired Grana AQUI in 2013 and Volanty in July 2021, further expanding their portfolio and capabilities in the financial services and insurance markets.

15. Atlantico

• Website: atlantico.vc
• Type: Venture Capital
• Headquarters: Sao Paulo, Sao Paulo, Brazil
• Founded year: 2019
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: atlanticopartners

Atlantico is a venture capital firm based in Sao Paulo, Brazil, founded in 2019. The firm specializes in investing in early-stage companies throughout Latin America, providing both funding and strategic support to ambitious founders. Atlantico aims to help these companies navigate growth challenges, particularly those that show early signs of product-market fit. Among their notable transactions, Atlantico participated in a $31.4 million Series A funding round for 180° Insurance, a Brazilian startup that offers a B2B2C model for selling insurance digitally. This startup has launched multiple insurance products and services, indicating Atlantico's engagement in the commercial insurance sector. Their investment in 180° Insurance highlights their commitment to supporting innovative solutions within the insurance industry, alongside their broader investment strategy.

16. NXTP Ventures

• Website: nxtp.vc
• Type: Venture Capital
• Headquarters: Buenos Aires, Buenos Aires, Argentina
• Founded year: 2011
• Headcount: 11-50
• Number of deals in 2024: 4
• LinkedIn: nxtp-ventures

NXTP Ventures is a venture capital firm based in Buenos Aires, Argentina, founded in 2011. The firm specializes in investing in early-stage B2B startups across Latin America, focusing on sectors such as Cloud & SaaS, E-commerce, Fintech, and AI. Notably, NXTP Ventures participated in a seed funding round for 123Seguro, an insurtech leader in Argentina, which raised $3 million with the involvement of other notable investors like Mercado Libre. This investment highlights NXTP's commitment to supporting innovative solutions in the insurance sector, particularly in commercial insurance underwriting. Additionally, NXTP has invested in various other startups, showcasing its diverse portfolio and strategic support for emerging businesses.

17. Morro Ventures

• Website: morroventures.com
• Type: Venture Capital
• Headquarters: San Juan, San Juan, Puerto Rico
• Founded year: 2018
• Headcount: 1-10
• Number of deals in 2024: 4
• LinkedIn: morro-ventures

Morro Ventures is a venture capital firm based in San Juan, Puerto Rico, founded in 2018. The firm specializes in early-stage investments in technology companies across Latin America, providing capital and strategic support to help these companies grow and expand into U.S. and Caribbean markets. Notably, Morro Ventures has been involved in several transactions, including a significant investment in Ole Insurance Group, which raised $12 million in a Series A round in June 2023. This investment highlights their engagement in the commercial insurance sector. Additionally, they have participated in funding rounds for other startups, such as Raincoat and Moonflow, indicating a diverse investment portfolio while maintaining a foothold in the insurance industry.

Commercial Insurance Underwriting Insights: Key Investors in Latin America

Investor	Headquarter	Size	Founded	Deals 2024
bossa invest	Sao Paulo, Sao Paulo, Brazil	11-50	2011	56
Kaszek	Sao Paulo, Sao Paulo, Brazil	11-50	2011	17
Monashees	Sao Paulo, Sao Paulo, Brazil	11-50	2005	18
Magma Partners	Providencia, Santiago, Chile	11-50	2014	6
Canary	Sao Paulo, Sao Paulo, Brazil	11-50	2017	23
Latitud	Sao Paulo, Sao Paulo, Brazil	11-50	2020	24
Norte Ventures	Sao Paulo, Sao Paulo, Brazil	1-10	2020	11
Onevc	Sao Paulo, Sao Paulo, Brazil	1-10	2017	9
Maya Capital	Sao Paulo, Sao Paulo, Brazil	1-10	2018	8
Lupa Capital	Sao Paulo, Sao Paulo, Brazil	1-10	2012	0
Mercadolibre.com	Buenos Aires, Buenos Aires, Argentina	1001-5000	1999	3
Alaya Capital	Córdoba, Cordoba, Argentina	1-10	2010	5
Mindset Ventures	Sao Paulo, Sao Paulo, Brazil	1-10	2016	7
Creditas Auto	Barueri, Sao Paulo, Brazil	1001-5000	2012	0
Atlantico	Sao Paulo, Sao Paulo, Brazil	1-10	2019	4
NXTP Ventures	Buenos Aires, Buenos Aires, Argentina	11-50	2011	4
Morro Ventures	San Juan, San Juan, Puerto Rico	1-10	2018	4

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