Habit raises €5.2 million to accelerate momentum globally
SixThirty, BiG Start Ventures, Iberis and Bright Pixel Capital – Sonae composed a €5.2M financing round to expand Habit’s capacity and keep the accelerated growth of their embedded insurance product in Europe and Latam.
Habit is the only platform which includes a single insurance distribution API and an Orchestration Engine which, independently of the insurer and insurance product, provides distribution partners with full control over the policy lifecycle as well as offloads major IT effort and, enabling an incredible fast go-to-market.
Habit has a significant focus in Telcos, having its platform certified and ready to integrate with telco’s existing IT infrastructure, allowing advanced features such as contextual sales (leveraged by telco’s core data) or high premium collection rates, by instructing the telco’s billing systems when and to whom charge which premium. “Habit played a very important role in the launch of NOS insurance, having shown extreme ability to adapt and exceptional knowledge in this market. In a phase of rapid expansion of our insurance offer, it was essential to have the support of a partner with such expertise, highlighting Habit’s platform ease of integration with both our internal systems and with our selected partners.” – Executive Director at NOS Comunicações
The new funds will be used to accelerate Habit’s European development and with regulatory capacity to explore large opportunistic worldwide business. The focus will be on recruiting business development and marketing talent to grow sales and speed up the, already fast, customer onboarding process.
“Partners with a large customer base and ecosystems are increasingly looking to Habit to help them increase customer value by seamlessly combining their existing core offer with insurance products. This investment will allow us to further grow our sales and marketing activities as well as speedup our capacity to onboard new customers”, stated Domingos Bruges, CEO and Co-founder of Habit.
“Habit’s team lead by Domingos has an impressive capacity and knowledge to disrupt the insurance market. Backing great founders is a major building block of our investment thesis. Habit is in a privileged position to help other companies cross-sell insurance on their own journeys. Today’s customers demand the right insurance product on the context of their purchasing journey. That is exactly what Habit offers as a service in a white-label mode. ”, commented João Freire de Andrade, Executive Director of BiG Start Ventures.