Mid-market lender Karteisa has closed a €25 million investment in Vet+a, a Spanish software company.
The injection of capital will enable the company to follow up on international growth plans across both Latin America and Europe.
Vet+a specialises in managing claims made by clients in the home and property insurance market. It operates across a number of platforms – Vet+a, Verifica, Degnor and Evalua. It is not backed by a private equity sponsor.
Kartesia provided a convertible loan that it is able to transfer into equity as the company grows.
It is the firm’s latest foray into the insurance market. Earlier this year, Kartesia backed an automotive insurance software provider, GT Motive, with a €10 million investment.
Jaime Prieto, founding partner of Kartesia, said: “After our successful investment in GT Motive, we took a closer look at the insurance sector to build on our experience and understanding.
“We finally came across Vet+a in Spain, a business truly at the forefront of both technology and service and wanted to help accelerate its international potential,” he added.
Javier Romero, chief executive of Vet+a, said: “Working with an experienced partner like Kartesia will allow us to implement services and business models that existed on paper but were in need of an economic stimulus.
“The support of Kartesia to the group companies will be an important driver as we expand internationally,” he added.