Segura, a Brazilian insurtech founded in 2024 in São Paulo that operates an operating system for insurance brokerages, announced on 27 and 28 April 2026 a seed round of USD 8 million, about BRL 45 million, co-led by Andreessen Horowitz and Kaszek. It matters for the size of the seed, for the combination of a global fund with the region’s reference fund, and because the capital goes to the software that equips the broker, not to an insurer.
The transaction
Andreessen Horowitz and Kaszek co-lead; Big_Bets participates alongside a group of angels that includes Assaf Wand, co-founder and chief executive of Hippo, Marcelo Blay, Fersen Lambranho, Anderson Thees, the Almeida Braga family, of Icatu, and entrepreneurs from NG Cash, Brex and Fanatic. The valuation was not disclosed. The founders are Luis Alberto Nogueira, Lucca Buffara and Pedro Nobrega.
The platform unifies quotes, policies, renewals, submissions and billing across multiple insurers, integrated with the SUSEP regulatory framework and with WhatsApp. Its AI assistant, “Helena”, interprets policies and client records, explains clauses, guides renewals and compares products. At the close of the round, 3,000 brokerages were operating on the platform. The announced use of proceeds is to hire engineers, expand integrations with insurers and extend the network across Latin America beyond Brazil.
Value drivers
Adoption two years from founding. The 3,000 brokerages on the platform (LatamList, Latam Fintech Hub) are the figure that supports the round; revenue was not disclosed. In our reading, the size of the seed is explained by the speed of channel adoption rather than by billings.
An explicit channel thesis. The founders argue that “insurance brokers will be more important in the AI era, not less”, because insurance is sold on trust (Latam Fintech Hub). Segura sells to the intermediary and does not compete with the insurer; in our reading, that reduces friction for the integrations it needs.
Scarcity of comparables. The sources identify only two direct competitors, FurtherAI and Azos (Latam Fintech Hub). In our reading, that scarcity explains why two funds agree to co-lead a seed equal to the sector’s average round in the first half of 2026, USD 8.2 million (MAPFRE), at a much earlier stage.
Angels from the industry itself. The presence of Hippo’s founder and of Icatu’s controlling family at the table brings, beyond capital, industry validation before the insurers Segura needs to integrate.
What the market is signalling
The round confirms a 2026 pattern: insurtech capital is concentrating in the software that equips the broker. Bliss raised BRL 57 million in March with Kfund and Grupo Bradesco for SME health distribution, and Azos closed a BRL 125 million Series C with Kaszek for individual life sold through brokers. The three models share the premise that the broker will keep intermediating most premiums.
For Mexico the read-across is twofold. First, the agent is the dominant channel for major medical, motor and individual life, and there is room for an equivalent operating system; the country has 150 insurtechs (MAPFRE) and, in our reading, none with Segura’s position in Brazil. Second, Segura announced it will extend its network outside Brazil, and Mexico is the region’s second-largest market: a Mexican founder building for agents will soon face a competitor backed by Andreessen Horowitz and Kaszek. For Mexican insurers, the signal is that broker platforms will decide which carriers appear in the quote; integrating early is a distribution decision, not a technology one.
G2’s reading for a mandate
A seed of this size is prepared like a Series A. The investment committee will ask for brokerage cohorts by month of onboarding with policies managed and retention, the integrated insurers with the status of each integration, acquisition cost per broker and the path to monetisation, even if revenue is incipient. It pays to assemble the angel table with industry operators before opening the competitive process, because it shortens technical due diligence and opens integrations, and to fix in the term sheet the governance of a co-led round.
Sources
- Latam Fintech Hub, 27 April 2026: Insurtech brasileña Segura levanta US$ 8 millones para llevar IA a los corredores de seguros
- LatamList, 28 April 2026: Segura raises $8M seed round
- Startupi, 24 March 2026: Bliss levanta R$ 57 milhões em rodada Série A
- Brazil Journal, 11 March 2026: Azos levanta R$ 125 mi com Kaszek e Efrusy
- MAPFRE, Latam Insurtech Journey, July 2026: Insurtech Latin America 2026 ecosystem