Bliss, a Brazilian platform that uses artificial intelligence so brokers can quote, compare and issue health plans for SMEs, announced on 24 March 2026 a Series A of BRL 57 million, about USD 11 million, co-led by Kfund and Grupo Bradesco. It matters for two reasons: an incumbent insurance group co-leads a distribution software company rather than building its own, and the company reached breakeven before raising.
The transaction
Bliss received BRL 57 million (USD 11 million) in a Series A equity round co-led by Kfund and Grupo Bradesco, with participation from Actyus and Clocktower Ventures. Canary and Speedinvest, which had invested USD 4 million at the earlier stage, accompany the round. The valuation was not disclosed.
The announced use of proceeds is the expansion of SME health plan sales to Rio de Janeiro and Brasilia and the strengthening of the product and technology teams. The core product is “Fátima”, an AI agent that generates quotes, compares products across carriers and issues policies. It is run by Fernando Gonçalves, co-founder and chief executive, previously at Bain & Company, Nubank and Loft.
Value drivers
Breakeven before the round. Bliss reached breakeven at the end of 2025 (LatamList). In our reading, the round funds expansion and product, not survival, and the lead pays for growth on proven unit economics.
Measurable channel productivity. Brokers using the platform multiply their sales volume four to five times in the second year of use (Startupi). Bliss does not compete with the broker, it equips the broker, and it charges on distribution that already exists.
An incumbent as co-lead. Grupo Bradesco, a Brazilian financial and insurance group, co-leads alongside a venture capital fund. In our reading, the group chooses to participate in the independent distribution layer rather than build its own, and Bliss gains a partner with a balance sheet and access to carriers.
A large market with low penetration. Brazil’s health plan market moves close to BRL 300 billion a year and covers around 25% of the population (Startupi). Life and health also captured 76% of the region’s insurtech funding in the first half of 2026, with an average round of USD 8.2 million (MAPFRE).
What the market is signalling
Insurtech capital in 2026 is flowing to the software that equips the broker, not to new insurers. Bliss, Segura (a USD 8 million seed co-led by Andreessen Horowitz and Kaszek in April) and Azos (a BRL 125 million Series C in March) share the thesis that the broker remains the dominant channel. Kfund, which co-leads here, also led Sofía’s USD 21 million round in Mexico in May.
For Mexico the read-across is direct. Only one in ten people has private health insurance and 7% of companies offer it as a benefit (Periodismo y Ambiente), with 150 insurtechs active in the country (MAPFRE). Mexican insurers have so far entered as strategic minority investors, as GNP did in Meddi; the Bliss case shows an incumbent willing to co-lead a venture round in distribution. For a Mexican founder selling major medical cover to SMEs through agents, the template is clear: documented channel productivity, breakeven and an insurance group at the table. For strategic buyers and lenders, a platform with recurring commissions is analysed as a software business, with no regulatory capital and revenue tied to the retention of brokers and policies.
G2’s reading for a mandate
A round of this kind is prepared with three materials the investment committee will ask for: broker cohorts by tenure with premiums per broker, the bridge to breakeven with its assumptions, and the list of integrated carriers with issuance time for each. In a competitive process it pays to seat a strategic and a fund in parallel from the first term sheet: the strategic brings distribution and the fund protects governance; the valuation is anchored on distribution software multiples, not on insurer comparables.
Sources
- Startupi, 24 March 2026: Bliss levanta R$ 57 milhões em rodada Série A
- LatamList, 24 March 2026: Bliss raises $11M Series A
- Insurtech.com.br, 9 April 2026: Investimentos em insurtech em 2026
- Periodismo y Ambiente, 7 May 2026: Sofía capta nueva inversión
- MAPFRE, Latam Insurtech Journey, July 2026: Insurtech Latin America 2026 ecosystem