In September 2025, 180 Seguros, a Brazilian embedded insurer that distributes through APIs and was founded in 2020 by former Nubank executives, announced a BRL 50 million round (about USD 9.2 million): BRL 35 million in equity and BRL 15 million in subordinated debt. The deal matters because the debt does not fund operating cash but counts as regulatory capital before SUSEP, Brazil’s insurance supervisor, and because it sets a BRL 1,350 million valuation for a company that multiplied its revenue in under a year.
The transaction
- Parties. 180 Seguros as issuer. 8VC, Monashees and Canary lead; FJ Labs joins as a new investor (Startups.com.br, 4 September 2025).
- Instrument and amount. BRL 35 million in equity (USD 6.4 million) and BRL 15 million in subordinated debt (USD 2.8 million). Startupi reports a post-money valuation of BRL 1,350 million. Rate, tenor and lender of the debt tranche not disclosed.
- Purpose of the debt. The subordinated tranche was raised to compose the regulatory capital required by SUSEP (Startupi, 5 September 2025).
- Disclosed metrics. Annualised recurring revenue of BRL 100 million in December 2024 and BRL 384 million in May 2025, with a target above BRL 500 million by year-end 2025; growth close to 500% in the year; 80% of claims handled by proprietary models.
- Cumulative capital. BRL 220 million since 2020 (Startupi). The company anticipated a Series B of at least USD 50 million for the first half of 2026; we found no announcement of a close.
Value drivers
Subordinated debt as regulatory capital. An insurer growing 500% consumes solvency capital as fast as its book grows. In our reading, the subordinated tranche covers that requirement without diluting shareholders at the price of a full round, which is why it is the only venture debt structure in the sector we recorded this period.
Revenue with a verifiable trajectory. The jump from BRL 100 million to BRL 384 million of annualised revenue in five months is the data point behind the BRL 1,350 million valuation: around 3.5 times May annualised revenue and under 3 times the year-end target, by our arithmetic on the published figures.
Embedded distribution. Selling insurance inside third-party platforms through APIs lowers acquisition cost and ties retention to the distribution partner. That is the thesis 8VC and Monashees are backing; the risk, in our reading, is concentration by partner, which the sources do not detail.
What the market is signalling
For growing insurers in the region, the deal shows that regulatory capital can be covered with an instrument other than common equity when the supervisor admits it and when investors are willing to subordinate. Combining equity and debt in a single round stops being exceptional for a company with that revenue trajectory.
In our reading, the precedent applies to Mexico, whose solvency regime admits, under conditions and with CNSF authorisation, subordinated instruments within eligible own funds. A Mexican digital insurer growing at double or triple digits should open the conversation with the supervisor and with private credit lenders before the book demands the capital, not after.
G2’s reading for a mandate
Preparing a mixed round means modelling two things at once: the dilution of the equity tranche and the effect of the subordinated tranche on the projected solvency margin by quarter. We recommend bringing to the competitive process the monthly trajectory of annualised revenue, the combined ratio by line, concentration by distribution partner and supervisory guidance on how the debt is counted; with that, the term sheet can be negotiated with funds and private credit lenders in parallel, and the close is not held hostage to a late authorisation.
Sources
- Startups.com.br, 4 September 2025: 180 Seguros levanta R$ 50 milhões para acelerar projetos em IA
- Startupi, 5 September 2025: Insurtech 180 Seguros atinge R$ 1,35 bilhão
- LatamList, 8 September 2025: 180 Seguros raises $9.2M in a debt and equity deal