Azos, a Brazilian insurtech focused on individual life insurance, has raised R$125m (about $24m) in a Series C round co-led by Kaszek and Kevin Efrusy, an early Facebook investor. LatamList, Beinsure and Startupi reported the round in mid-March 2026. Beinsure converted the amount to $23.8m, while LatamList gave $24m.
Startupi, citing the company, said Endeavor Catalyst entered the cap table in this round. No valuation was disclosed.
The round came less than a year after Azos raised R$170m in a Series B, Startupi reported.
Why raise again
Beinsure reported that Kaszek had been on the cap table since the seed round and had taken part in every later raise, while Efrusy joined in the Series B with a smaller cheque. The outlet said Azos still had a meaningful portion of its Series B capital on hand but chose to raise again to accelerate its AI projects.
Chief executive and co-founder Rafael Cló said, according to Startupi, that the company was already capitalised and chose to expand its reserve to push aggressively on artificial intelligence. He told Brazil Journal, as cited by Beinsure, that traditional insurers are behind in rolling out AI-based products and that this is the right time to scale them.
What the money is for
Azos plans to expand its AI systems for underwriting, claims processing and broker support, LatamList reported. Beinsure said an underwriting tool already approves or rejects policies within seconds. Cló said 30% of policies are approved that way, and the company wants to reach 50% by the end of the year. AI also processes claims, which cuts turnaround from days to hours, and the company is building a tool to help brokers sell more.
Startupi reported that Azos intends to raise investment in engineering, technology and product development by about 50%. It aims to add R$80bn in new insured capital by the end of 2026 and to cut average claims payment time to around five working days.
The business
Azos was founded in 2020 by Cló, Renato Farias and Bernardo Ribeiro, according to Beinsure. After six years it has 100,000 active policies and R$307m in annualised premiums as of February, which Beinsure said is a little more than 1% of Brazil's individual life insurance market, excluding creditor insurance. Startupi said the company has more than 11,000 partner brokers and is present in 24 cities, and that it more than doubled revenue in 2025.
The company operates as a managing general agent. It partners with the insurer Excelsior, which provides the balance sheet and takes the risk, so Azos does not need its own licence from the regulator Susep, Beinsure said. Azos designs and prices the products and manages the customer experience.
Cló said, as reported by Beinsure, that Azos wants to do in individual life insurance what Nubank did in banking, but is in no rush to seek its own licence.
Company website: azos.com.br