Neva Finventures, Primomiglio lead €5m series-A for Yolo

Newcomers Net Insurance and Miro Ventures also took part in the funding round.

Primomiglio deployed capital for the investment from its Barcamber Ventures vehicle, a €30m fund that invests equity tickets of up to €3m in Italian startups.

Following the deal, Intesa Sanpaolo's Alessia Truini will join the company's board.

According to a statement, Yolo aims to use the fresh capital to further consolidate its position in the Italian market, expand internationally and boost its growth, both organically and through additional acquisitions.

Previous funding
Primomiglio led a €1m funding round for Yolo via its Barcamber Ventures vehicle in October 2017. US-based seed investor Miro Ventures and Mansutti, an Italian insurance broker, also took part in the round. Subsequently, Primomiglio led an additional €1m funding round for the startup in 2018.

Company
Established in 2017 and based in Milan, Yolo develops a mobile app that offers temporary insurance packages from larger insurance companies, based on a pay-per-use system. The business mainly focuses on the travel segment, as well as life, healthcare and goods insurance products.

People
Neva Finventures – Mario Costantini (CEO).
Primomiglio – Gianluca Dettori (president).
Yolo – Gianluca De Cobelli (co-founder, CEO).

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