Canary, Monashees, BTG Pactual and Mercado Livre Brasil also participated in the round

Insurtech Pier Raises $20M – Brazil’s insurtech Pier insurance raises $20M Series B from Raiz Investimentos and targets expansion and regulatory approvals to become a fully authorized insurance firm. The company is the first #insurtech to muscle up against the big guys.

This new round, led by Raiz Investimentos, he single family office of Ivan Toledo, founder of Sem Parar, was co-led by Canary, Monashees, BTG Pactual and Mercado Livre Brasil, which were earlier investors in the company.

As Pier raises $20M for its Series B, the company is poised to disrupt the insurance market with offerings that traditional players may take awhile to match.

The Esquires

Pinheiro Neto Advogados acted as counsel to Pier in this transaction with partners Carlos Eduardo Azevedo, Bruno Balduccini, Caio Ferreira Silva, senior associate Cauê Rezende Myanaki and associates Mariana Magalhães Lobato and Regina Ramos.

Gunderson Dettmer also participated in this transaction.

Beyond the Law.News was not informed of nor could it verify the name of the law firms representing or acting on behalf of the other parties.