Tuio, an insurance startup based in Madrid, has recently secured $16.7 million in funding from various investors, including MassMutual Ventures, BlackRock, BAMCAP Ventures, Extension Fund, and others. The company, which was launched in 2021, offers home, life, and pet insurance through an online platform that has been compared to Lemonade for its user-friendly interface.
With over 45,000 customers already on board, Tuio made a significant move last year by acquiring Luko’s book of business in Spain. This strategic expansion has positioned the company for further growth and success in the insurtech industry.
Ryan Collins, the Managing Partner for Europe and Asia Pacific at MassMutual Ventures, expressed his excitement about supporting Tuio during this crucial phase of growth. He highlighted the impressive leadership team and their innovative vision for the industry, emphasizing the company’s focus on leveraging technology to enhance customer experience and operational efficiency.
The founders of Tuio, Jose María Lucas, Asís Pardo, and Juan García, shared their perspective on the company’s financial standing, stating that Tuio is already nearing profitability. They pointed out a key advantage that Tuio has developed, with an LTV/CAC ratio (the margin a customer brings divided by the cost to acquire that customer) between seven and nine times. This structural advantage allows Tuio to allocate funds from the recent investment towards enhancing the services provided to clients, setting them apart from other competitors in the sector.
Overall, the funding secured by Tuio not only validates the company’s growth potential but also underscores the confidence that investors have in its business model and strategic direction. As Tuio continues to innovate and expand its offerings in the insurance market, it is set to establish itself as a leading insurtech player in Southern Europe and beyond.
