Brazilian mobile phone insurance technology startup Pitzi is now worth over $100 million
With roughly one million customers across Brazil and a new round of financing, the mobile phone insurance provider Pitzi now finds itself with a $100 million valuation.
PItzi acts as a reseller for insurance companies to offer products around mobile phone insurance across Brazil. Founded in 2012, the company’s mobile handset insurance offerings were a service that was in the right place at the right time, as low-cost handsets caused the market in Latin America’s most populous country to explode.
Pitzi previously raised $20 million from investors, including Thrive, Kaszek Ventures, Flybridge and DCM. Even with the company’s success, cell phone insurance in Brazil stands at 4%, compared with global standards of more than 40%. This despite the fact that there are more than 200 million phones in Brazil alone.
“Today, only 4% of smartphones here are protected but we’re driving that towards 90% in the coming years and using those phones to unlock even more transformation in the space,” said Daniel Hatkoff, founder and CEO of Pitzi, in a
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