Momento Seguros raises US$10.25 million in Series A

Momento Seguros, the Mexican automotive insurer, announced the closing of a US$10.25 million Series A investment round. The transaction was led by Hedosophia and American Family Ventures, with participation from investors such as Foundation Capital, Y Combinator, HSCM Ventures and Clocktower Technology Ventures.

The insurance company will use the funds to accelerate its national expansion, with plans to reach domestic markets such as Monterrey, Querétaro, and Puebla, where insurance penetration remains critically low. The startup, which already exceeds 100,000 active drivers, is looking to substantially expand its customer base.

“This investment will accelerate our national expansion and technology development while keeping our promise: to make insurance radically better and more accessible to all Mexicans,” said Andres Guerrero, CMO and co-founder of Momento Seguros.

An opportunity in an underserved market

The auto insurance market in Mexico, which has more than 55 million vehicles on the road, has historically been described as one of the most profitable but also one of the most underserved.

“Our approach eliminates friction and breaks with legacy models. We don’t sell policies, we offer real access and peace of mind for millions of families,” explained Lois Rogel, CEO and co-founder of the company.

Founded in 2021 by Rogel, León Bartolomé and Andrés Guerrero, the startup has managed to grow profitably by recording lower claims ratios. Its technology also makes it possible to streamline insurance claims processes through AI.

With the advent of these types of solutions, the industry has found it necessary to continue innovating and rethinking its strategies, especially some traditional players.

“When technology is put at the service of people, there is no limit to the impact we can generate,” Guerrero concluded.

To gain access, the company offers an application that can be downloaded to any mobile device, which allows real-time tracking of claims, a key element in a strategy focused on improving customer experience and capturing a historically excluded segment.