Bluecyber, a Brazilian insurtech focused on cyber insurance, recently announced a significant $1.5 million investment to extend its digital life protection services to SMEs and families across Latin America. This financial backing from venture capital firm Invisto.com.vc and Bossa Invest, together with strategic investors from the insurance domain, marks a vote of confidence in Bluecyber’s endeavor to widen the scope of insurance coverage in a region where the potential market is estimated to be worth around $17.3 billion (USD).
Founded in 2021 and based in Sao Paulo, Bluecyber plans to leverage this investment to meet the increasing demand for digital protection services. Eduardo Rocha, CEO of Bluecyber, commented on the funding, “This investment is not just financial capital; it’s a validation of our vision to democratize cyber protection for a wider audience in Latin America. We’re here to simplify what has traditionally been a complex product, making it accessible to everyone who needs it.”
Acquisition
Bluecyber used a portion of the new funds to acquire Ismac.io, a company known for its state-of-the-art Managed Detection and Response (MDR) platform. This strategic acquisition enables Bluecyber to offer enhanced services, including continuous monitoring and prompt response to security incidents, thus improving the protection offered to clients and reducing the frequency and severity of claims.
Bluecyber’s insurance solution offers more than just financial recompense for cybersecurity breaches and related legal expenses. It provides a holistic package of services, including tech support, antivirus, vulnerability monitoring, risk management, and incident response, all designed to offer comprehensive digital safety for its customers.
With the goal of reaching 10,000 subscribers by the end of 2024, Bluecyber functions as a Managing General Agent (MGA), creating insurance products that are both innovative and customer-centric. It utilizes unconventional B2B sales channels, such as partnerships with internet service providers and tech manufacturers, to distribute its products. Collaborating with Seguros Sura, a leading insurance group in Latin America, Bluecyber is ready to redefine the cyber insurance sector by readily making available sophisticated, effective cyber protection solutions.
Source: Pioneer in Cyber Insurance in Brazil Receives $1.5 Million Funding.