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Generali Italy enters the capital of YOLO Group, the first insurtech Italian in the sector of the conception, design and implementation of platforms for the marketing of digital insurance products, expanding a shareholding structure which includes, among others, Neva SGR and Intesa SanPaolo Vita, lead investor in the background round of financing. The operation provides for an investment of 2.5 million euros on 4 August to enter with 10.8% in the capital and aims to progressively reach 18% by 2022.
One investment, that of Generali Italia, aimed at expanding Genertel’s distribution model. The operation in fact follows the collaboration already started a few months ago with Genertel, the Generali Italia insurance company founded in 1994 which today is among the first direct insurance companies in Italy. Furthermore Genertel, together with YOLO Srl, will expand its distribution model being able to make use of partners present in new sectors such as telco and the utilities, offering its insurance policies through a digital platform complete with products on demand and traditional, which combines the Company’s experience and reliability with the YOLO Group technology platform.
“As a Life Partner we strongly believe in the importance of innovating also through synergies with major players such as YOLO Group, to guarantee an insurance offer that meets people’s new needs. Intercepting the needs of customers, anticipating their expectations and designing new insurance solutions and new ways of using them is a challenge that we are passionate about day after day.”, They declared Marco Sesana, Country Manager & CEO of Generali Italia and Global Business Lines e David Cis, Chief Operating Officer of Generali Italia. “In YOLO Group we have found a solid and innovative partner and we are confident that together we will be able to work better”.
“We are proud to be able to count on the support of one of the most important international insurance and financial companies. With Generali Italia, the YOLO Group enters a new phase of its growth path“, he has declared Gianluca De Cobelli, CEO of YOLO Group. “The Business Plan aims to accelerate growth, also internationally, by enhancing the growing interest of the insurance market in the digitalization of the offer “.
The entry of Generali Italia in the capital will support YOLO Group in the implementation of the development plan which also includes a further round of financing (Round B), which is expected to start in September. The resources will be used to enhance the technological platform, increase distribution agreements and boost international expansion, launched with a direct presence in Spain, distribution partnerships in the United Kingdom and Ireland and a partnership in data analytics with a Japanese insurance company.
To facilitate the collection, open as in the round previous to current shareholders and new investors, YOLO Group has transformed its legal form into a joint stock company.