Covela
The business, the turning points, and the decisions behind them.
Some sections are still being researched1 / 4
Sections to complete：02
01 / WHAT IT BUILT
What the company did
Covela was a Mexican insurtech startup co-founded by CEO Víctor Garrido with the mission of helping other companies be sustainable over time. It was a digital insurance agent for companies: an online platform where SMEs could advise on, quote, compare, and manage their insurance policies so their businesses stayed protected. In Mexico, more than 80 percent of SMEs lack company insurance, leaving them vulnerable to any incident. In 2019 Covela joined Y Combinator's Summer Batch - YC's first investment in a Mexican insurtech - with a $150,000 standard investment to help consolidate operations.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Joined Y Combinator
Covela joined Y Combinator's Summer 2019 batch - YC's first financing for a Mexican company venturing into insurance - raising $150,000 to consolidate its digital insurance platform for SMEs.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Founded in 2019 as a digital insurance platform for companies.
- 02
No public record of a shutdown or acquisition could be found.
- 03
No audited loss figure was publicly disclosed.