Bluecyber, a Brazilian MGA specialising in cyber insurance, has raked in $1.5m (7.44m reais) to bolster its operations across Latin America.
The funding round saw contributions from venture capital firms Invisto.com.vc and Bossa Invest, alongside strategic investors from the insurance industry.
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Established in 2021, Bluecyber provides digital protection insurance to SMEs and families.
Bluecyber said the investment has facilitated the acquisition of Ismac.io, a company that has developed a managed detection and response (MDR) platform.
The MDR technology is expected to enable Bluecyber to monitor its insured portfolio, allowing for prompt detection and response to security incidents.
The integration of Ismac.io’s solution is also anticipated to reduce the impact of cyberattacks, adding value for policyholders and decreasing the frequency and severity of claims.
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By GlobalDataDaniel Arruda, the founder of Ismac.io, is joining Bluecyber to lead the management of risk and compliance.
Bluecyber’s cyber protection insurance subscription, which is offered monthly, covers a range of cyber risks including data breaches, general data protection regulations-related fines, legal costs and digital identity theft.
The service also includes a help desk for technological issues, antivirus software, vulnerability monitoring, risk management and incident response.
Bluecyber’s B2B product sales are conducted entirely online through various non-traditional channels such as internet service providers, software and hardware manufacturers and insurance brokers.
The company’s policies are issued by Seguros Sura.
Bluecyber CEO Eduardo Rocha said: “This investment reflects the investors’ confidence in Bluecyber’s mission to simplify and expand insurance coverage for digital life protection of SMEs and families throughout Latin America, an underserved market with an estimated gross written premium of $17.3bn.”
In the broader context of the Brazilian insurance market, GlobalData has reported that the general insurance sector is expected to grow at a compound annual growth rate of 7.3%, from $46.97bn in 2022 to $68.03bn in 2027.
