Asian telecom giant Axiata group is pumping $16.8m into microinsurance startup BIMA.
The Swedish InsurTech startup already works alongside the firm in several markets and will deepen its relationship with the telecom as a result of the deal.
The company aims to offer mobile access insurance to consumers in emerging markets not normally covered by traditional insurers.
BIMA founder and CEO Gustaf Agartson said: “Asia is a key region for BIMA; it is home to some of our most successful and profitable markets as well as the consumers who will drive the digital services revolution.
“Axiata Digital’s investment will ensure that BIMA continues to lead the industry and capitalises on the significant opportunity in Asia.”
Axiata Digital CEO Mohd Khairil Abdullah commented: “Investing in BIMA is a strategic move that positions Axiata Digital and Axiata mobile operating companies to shape the future of Digital Services in Asia.
“Alongside product development, we will prioritise geographic expansion through new local partnerships that will bring these life-changing services to millions of families across Asia.”
The round takes BIMA’s total funding to $75m since launching in 2010 with it previously raising $38.4m in a Series C round led by LeapFrog Investments.
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