Telefónica, through its investment vehicle Íope Ventures, is investing in Wenalyze, an open data analytics platform focused on improving the categorisation of payment data for the banking sector and the underwriting and policy renewal process for SMEs in the insurance sector by complementing the data held by insurers through the use of Open Data.
Íope Ventures joins this investment round, which has already raised more than €1 million and is led by Athos Capital. Other investors include Bankinter, through its venture capital programme developed with the Bankinter Innovation Foundation; AstoryaVC, an investment fund focused on InsurTech; and GoHub, the corporate investment fund of Global Omnium. The aim is to raise new capital for international expansion and to gain market share.
Íope Ventures was created in 2022 by Wayra and Telefónica Seguros as an investment vehicle to invest in fintech and insurtech startups. In addition to the investment, the invested companies have the possibility to contact the teams of Telefónica Seguros and Wayra to evaluate business opportunities.
Some of the startups in its portfolio, now joined by Wenalyze, include Bdeo, which uses AI to detect damage to vehicles and homes, speeding up claims settlement and insurance underwriting, and Mitiga Solutions, which combines climate science, AI and high performance computing to help clients predict the impact of disasters caused by extreme temperatures, fires and rainfall.
Carlos Albo, CEO and co-founder of Wenayze, says: “Our platform provides a comprehensive solution for insurance companies and banks to enhance their sales strategies, improve customer service and consequently increase their business success.
Augusto Pérez Arbizu, CEO of Telefónica Seguros, comments: “From Íope Ventures, the investment fund where Wayra is the capital manager, we want to support the transformation of the insurtech industry and we are happy to invest in a disruptive proposition like Wenayze. In fact, we are already working with them to implement their solution in cyber products for companies in Spain to improve data quality by improving and streamlining the renewal process’.
