The first Italian digital insurance services and brokerage Yolo gets investment from Intesa Sanpaolo Group

The first Italian digital insurance services and brokerage Yolo gets investment from Intesa Sanpaolo Group

(PRESS RELEASE) MILAN, 29-Jan-2019 — /EuropaWire/ —  Yolo, the first Italian digital insurance services and brokerage group, founded by Simone Ranucci Brandimarte and Gianluca De Cobelli in 2017 is raising Series A €5 million funding round to accelerate its industrial development process and begin the process of internationalisation.

The new funding round follows on from the two previous rounds in 2017 and 2018 worth almost €2 million.

Lead investor in the new round is Neva Finventures while co-lead investor is Primomiglio Sgr through Barcamper Ventures. Neva Finventures is the Intesa Sanpaolo Innovation Center’s corporate venture capital company which invests in fintech companies and startups that plan to enter key new markets and sectors such as the circular economy and the data-driven economy.

Through Neva Finventures, Intesa Sanpaolo Group has actually acquired a stake in the startup Yolo. As part of the deal Alessia Truini, Head of Protection at Intesa Sanpaolo Assicura, will be appointed as the Group’s representative on the Yolo Board of Directors.

Other investors that participated in the round were Net Insurance and Miro Ventures.

Mario Costantini, General Manager of the Intesa Sanpaolo Innovation Center and CEO of Neva Finventures:

“Yolo is a partner with great potential in the insurtech area which will be able to help accelerate the Group’s leadership in the insurance business. This is a strategic investment for the innovative development of the Intesa Sanpaolo Assicura non-life business and for Banca 5, the proximity bank focused on instant banking”.

Gianluca De Cobelli, Co-founder and CEO of Yolo Group:

“Thanks to Intesa Sanpaolo’s investment and the support of all the other investors that believed in our project, we have the potential to accelerate and implement the innovation and digital transformation process that is taking place in the insurance sector, also expanding our presence at international level. Our aim is to develop our range of insurance solutions in order to meet the new requirements of the digital consumer”.

Gianluca Dettori, Chairman of Primomiglio SGR:

“We are delighted to have Neva Ventures on board Yolo. The sector is evolving rapidly and Yolo’s ability to develop distribution partnerships is enabling the company to grow very quickly. Our role as seed to early stage investors is crucial for the development of new high-potential startups”.

Primomiglio SGR is an international leader in the fintech venture capital sphere.

Yolo is an insurtech company based in Milan, Italy that provides exclusively digital insurance brokerage services, acting as a technology enabler for the biggest insurance and banking groups.

Yolo offers digital consumers a range of on demand policies that enable them to access a new digital bancassurance model, as well as ad hoc solutions tailored to their needs. Through the dedicated app it is possible to take out instant and pay per use products on a daily or monthly basis: from travel and flight insurance through to protection for your smartphone and sports insurance. You can learn more on the their web site at yolo-insurance.com.

SOURCE: Intesa Sanpaolo