The AI-native risk infrastructure layer for Latin America.
The AI-native broker for Latin America. Insurance is the wedge. Software compounds the moat. Bootstrapped to $1.54M GWP with zero external capital, entering a $248B SAM with no AI-native operator.
Built a working business before raising a dollar.
$1.54M GWP placed, $250,817 in commission revenue, 32% EBITDA margin — with 4 people and zero external capital. This round is an accelerant, not a survival mechanism.
Two documents to bring CoverCap to your IC.
The Investor Brief is the 6-minute version. The VC Deck is the full narrative.
The IC-ready memo.
Three pages. Sourced market data. The problem, the flywheel, the unit economics, and the ask — written for a partner who has 6 minutes before the IC meeting.
The full investor narrative.
Market, moat, product, traction, team and the ask. Why the LatAm specialty insurance market is a $248B opportunity with a $126B distribution gap — and why CoverCap is the only AI-native operator building it.
Open DeckA $248B SAM. No AI-native operator.
Latin America's commercial insurance SAM is $248B in annual premiums. 733,000+ mid-market companies have no access to specialized risk management solutions. Legacy players ignore them because manual operations can't make the economics work. AI changes that math entirely.
Source: MAPFRE Economics, The Latin American Insurance Market in 2024
Total global premium pool for business insurance — the largest under-digitized financial market on earth.
Annual commercial insurance premiums across Latin America. Underpenetrated at ~3.2% of GDP vs. 6–8% globally.
Source: MAPFRE Economics 2025
The addressable pool of mid-market specialty and digital-economy companies CoverCap is built to serve.
The $126B Insurance Protection Gap is not a market-creation bet. It is a distribution problem waiting for the right operator. CoverCap is building the infrastructure to close it — from the inside out, through the insurance relationship.
The $1T+ premium market is the largest under-digitized financial market on earth.
Brokers capture 20–30% of every dollar of premium — the highest-margin layer of the stack — and the category is only now getting the AI-native operator it deserves.
The category is being validated. Right now. At massive scale.
In the last six months alone, the market sent an unambiguous signal. Corgi — an AI-native insurance carrier for startups — raised $160M at a $1.3B valuation in May 2026. Three weeks later it raised another $106M, doubling to a $2.6B valuation. Total raised: $378M. Lead investor: TCV. Harper raised $47M led by Emergence Capital to bring AI-powered commercial insurance to every US business. Sequoia backed WithCoverage — Roelof Botha personally writing the memo — on the premise that AI-native brokers can break the scaling laws of risk management. Every one of these companies is US-only. The LatAm version — serving 733,000+ unserved mid-market companies across Brazil, Mexico, and Colombia — has not been built. That is exactly where CoverCap is operating today, already profitable, with zero external capital.
Sources: TechCrunch May 2026 · Sequoia Capital Jan 2026 · Harper announcement Feb 2026
The exits confirm what the rounds are saying.
The public market is already pricing this category at a software multiple, not a broker multiple. WTW acquired Newfront at $1.3B / 18× EBITDA — the closest global comp to CoverCap. Baldwin Group acquired Founder Shield at 12× EBITDA. In Brazil, Alper Seguros acquired 6+ regional brokers at R$850M total in 2025. Brokers delivered 19% average annual TSR over the last five-year hard cycle versus 14% for insurers. The highest-margin layer in the stack is distribution — not underwriting. AI-native operators who own the distribution relationship compound that advantage with every policy bound. The question is no longer whether this category produces outsized returns. It is who owns the LatAm version.
Sources: CoverCap Investor Brief 2026 · McKinsey Global Insurance Report 2025 · public market data
The window is open. It will not stay open.
Three non-recurring forces are converging now. First: D&O, Cyber, and E&O are becoming non-discretionary for VC-backed companies in Brazil, Mexico, and Colombia. Regulatory mandates and investor board requirements are forcing first-time buyers into the market. This demand did not exist at scale 36 months ago. Second: LLM inference costs dropped 95% since 2022. The AI platform that cost $5M to build then costs under $200K today. The infrastructure is now buildable at seed-stage economics. Third: all of the capital chasing AI insurance is focused on the US market. The LatAm operator who moves now — with an existing book, carrier relationships, and a working flywheel already in place — captures the category before US players have a reason to look south. That operator is already in market. That operator is CoverCap.
Sources: McKinsey GIR 2025 · CoverCap Financial Model v3 · MAPFRE Economics 2025
The next $1T company will be a software company masquerading as a services firm.
— Sequoia Capital
Every client is a distribution channel.
Traditional brokers see a client as a policy. CoverCap sees a client as a network. One anchor client produces 177 recurrent clients over two cycles. Customer acquisition cost compounds toward zero because every sale generates the next pipeline automatically.
The loop runs on software, not people.
When we place insurance for a fintech, we ingest their vendor relationships, financials, and risk exposures. Those 25–100 vendors each need the same coverage — pre-scored, with a known risk profile, sourced through a trusted referral. Our cost to acquire them: $0.
CoverCap OS automates the entire loop — quoting, carrier matching, vendor scoring, renewal alerts, cross-sell triggers. No headcount required. The same 4 people close the next 177 clients that 1 anchor generates. Revenue per employee grows from $76K (Year 1) to $550K (Year 5) without proportional hiring.
One anchor client → 25 vendors scored → 13 new clients → 325 new vendors → 177 recurrent clients.
$700K net revenue per anchor chain.
One AI backbone. Three revenue streams. No proportional headcount.
CoverCap OS is not just internal tooling — it is the operational moat. 40+ backend modules, 74 automated workflows, 3 AI runtimes. Every manual broker task runs in minutes, not weeks.
Specialized D&O, Cyber, and E&O coverage for fintech, SaaS, logistics, and law firms. 20–30% commission. 80–90% renewal rate. Carrier relationships and CoverCap OS make placement faster than any traditional broker.
Enterprise vendor risk management platform. Every anchor insurance client has 25–100 vendors that need risk assessment. That assessment IS the TPRM product. Same sales motion, second revenue stream. ~38% gross margin, high switching cost.
A pure upsell to existing clients — ~99% gross margin, zero CAC. Cyber diagnostics, compliance monitoring, and vendor risk tools that raise LTV over time with no new sales motion.
High-growth fintech & SaaS across LatAm.
Portfolio companies of top-tier LatAm VC funds — names that validate product-market fit with the most discerning buyers in the region.
Raising $2M Seed.
$2M via SAFE · Round open · Targeting close Q3 2026
CoverCap OS, cloud, security, APIs, data feeds, R&D
Insurance + TPRM sales teams, client success
Leadership, ops, admin, placement
CRM, events, brand, digital acquisition
Brokerage licenses, E&O, filings (BR/MX/CO)
$2M SAFE at $12M post-money converts to roughly 16.7% ownership. On an 8× Year 5 revenue multiple, the implied enterprise value is $400M, which implies a base-case seed return of 33× before exit premium. Bear case 23×, bull case 45×. See the Use of Funds page for scenario detail.
Series A trigger (Year 3): $5M+ ARR · 30+ TPRM sponsors · Proven cross-sell across BR, MX, CO
Join us in building the risk infrastructure for Latin America's digital economy.