At Anthemis, we are often asked what we look for in a Seed investment. The answer is usually a combination of a massive, underserved market, a proprietary technological wedge, and a founder whose life’s work has led them to this exact moment. Today, we are thrilled to announce that we have led the Seed round for Gangkhar, the first AI-native infrastructure platform designed to orchestrate global embedded protection. We’re also incredibly fortunate to count on the participation of Accion, EWA Capital, Simma Capital, Sancor Ventures, and Seedstars with continued support from Rally Cap.

For years, “embedded insurance” has been the industry’s favorite buzzword. Yet, the reality of deploying it has been far from seamless. Most digital platforms, from e-commerce giants to fintech apps, face what is called an “integration tax”: months of manual coding, rigid legacy systems, and fragmented regulatory hurdles that vary by country. Disrupting a 200-year-old industry requires a particular founder archetype depending on the vertical. In insurance, our almost 2-decade experience as early-stage investors has taught us that C-suite access and proven operational experience and leadership are rare to come by, but essential. We believe Federico Spagnoli is that founder. With over 25 years of global executive experience at industry titans like Prudential Financial, Chubb, and AIG, Federico has seen the friction of global distribution firsthand. He didn’t just manage these businesses; he helped build them. Federico possesses a rare “right to win.” He speaks the language of the carriers and the language of the innovators. Gangkhar’s Sherpa+ infrastructure is not just another wrapper for old insurance products. It is a foundational layer that treats protection as code. What made our conviction absolute was Gangkhar’s approach to AI-native orchestration. Their platform doesn’t just “plug in” insurance; it optimizes it in real-time. By utilizing modular, data-driven architecture, Gangkhar allows partners to:

• Configure and launch instantly and move from concept to “buy now” in days, not years.
• Intelligently underwrite by using real-time data to price and offer protection exactly when the consumer needs it most.
• Globally scale, where a single API can abstract the complexity of different jurisdictions and reinsurance capacities.

Beyond the technology, Federico’s vision is deeply mission driven. He isn’t just building a software company; he’s building a resilience layer for the global economy. By making protection invisible, accessible, and intelligently priced, Gangkhar is poised to close the massive protection gap in markets across LATAM, Southeast Asia, and beyond. We are incredibly proud to partner with Federico and the entire Gangkhar team as they build the “Stripe for Insurance.”