LeapFrog, Kinnevik-backed Bima snags $22m

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insurance contract formAfrica and Asia-focused insurance group Bima has raised a $22m round to fund its plans to expand into new markets including Paraguay, Cambodia, and the Philippines.

Bima, which has 7m customers in Africa, Asia and Latin America, is backed by investment firms LeapFrog and Kinnevik and telecommunications group Millicom.

Bima’s customer base is growing at a rate of 500,000 new policyholders per month. The company’s insurance products include as life, accident and health cover.

Kinnevik CEO Mia Brunell Livfors said, “Bima has pioneered mobile micro-insurance in emerging markets. We are proud to have played a key role in Bima’s story so far – and look forward to continuing to support Bima and its management team in its next phase of growth.”

In February this year LeapFrog led a $7m investment in Bima.

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