E-commerce firm MercadoLibre has backed a $14.5m round for Brazil-based consumer insurance portal Pier through its Meli Fund, Exame has reported.
Monashees led the round, which included fellow venture capital firm Canary and investment bank BTG Pactual. Pier had received $7.6m of equity funding from undisclosed investors in May 2019, according to a regulatory filing.
Founded in 2019, Pier runs a mobile marketplace where customers can access insurance policies underwritten by its partners in order to protect their phone or vehicle against theft.
The startup claims to be able to offer better prices because it does not cover accidental damage and because it is a digitally-led service. The funding will enable it to pursue operational growth.