InsurTech BIMA has raised a $30m round with the goal of using the money to drive mass adoption of digital health and InsurTech solutions in emerging markets.
Existing shareholders LeapFrog Investments and Allianz were joined in the round by Chinese dealmaking specialist CreditEase Fintech Investment Fund.
BIMA said it would use the new cash injection to fund further development of its product offering, scale its capabilities as demand continues to increase and deepen its footprint in Asia and Africa.
Stewart Langdon, partner at LeapFrog Investments, said, “The market that BIMA is serving is vast and demand for health services is tremendous.
“BIMA’s unique digital capabilities empower emerging market consumers to access many health and insurance services on a single, easy to use platform.
“That includes protection for millions of first-time buyers of insurance who would otherwise remain unprotected and at risk.
“Delivering these services to 35 million consumers is an outstanding achievement by Gustaf and his team, but it’s just the beginning of the journey.
“We’re excited to increase our investment in BIMA as it continues to democratize access to digital health services.”
BIMA founder and CEO Gustaf Agartson added, “The onset of Covid-19 has brought home the value of telemedicine, to help prevent the spread of disease, and the importance of insurance, for peace of mind.
“Through digital solutions, and a human touch, we’ve been able to serve hard to reach communities with tools and services that bring them a sense of security at such a challenging time.
“The funds we have raised will allow us to expand our operations and further invest in our product offering that will help us scale quickly to meet the unprecedented demand for our services.”
Dennis Cong, managing partner at CreditEase Fintech Investment Fund, added, “We are very impressed by BIMA’s innovative integration of micro insurance and tele-doctor services, which provide critical coverage to meet large unmet demand in emerging markets, and whose value is accentuated further by the current pandemic.
“We are very happy to have the opportunity to join this meaningful journey, along with the established leading shareholders, and support the company to grow its business and expand its leadership position in its served markets.”
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