Singapore-based insurtech startup Symbo Platform Holdings announced in February 2021 that it has raised US$ 9.4M in a Series A funding round, led by CreditEase fintech investment fund. Other participants in the funding round include San Francisco-based investment firm Think Investments and existing investors Integra Partners, Insignia Ventures, and AJ Capital.
The startup will use proceeds from the funding round to strengthen its core technology and recruit individuals for roles across tech, product and leadership in Singapore, Malaysia and Indonesia. A large fraction of the money has also been reserved for investment into Symbo’s Indian entity, with the objective of obtaining complete ownership of the business. In India, Symbo focuses on context-driven, need-focused insurance and aims to help customers buy covers based on their customised needs. The insurtech startup delivers pioneering and small-ticket products such as marathon, fitness, and spectacle covers in India.
Additionally, the startup has also announced the acquisition of Vivant, a digital health platform headquartered in Singapore, to expand its client base by including healthcare services into its platform.
About the startup
Symbo was founded in 2017 and supports agents, third-party administrators, brokers, corporates and insurers in the buying, distribution and administration of insurance across India and Southeast Asia. The startup claims to have empowered over 80,000 agents and 45 technology licensing partners, backing over US$100 million in annual GWP across India, Malaysia, Singapore and Indonesia.
Comments from the co-founder and other stakeholders
Dennis Cong, Managing Partner of CreditEase fintech investment fund said digitally-enabled insurance and healthcare markets have huge potential, particularly in India and Southeast Asia where customers are largely underserved, struggling to handle their insurance policies or ending up being sold common and irrelevant products. He added that Symbo is well-placed to deliver brand new experiences to corporate and individual customers by providing customized products in a more accessible and convenient way. Insurtech and healthtech are key areas they are focusing on and expect Symbo to help more people get better protected, he concluded.
Symbo co-founder Adrit Raha said the deep knowledge of our investors in Asia will play an essential role in Symbo’s continuous growth. He also said that this investment will help them rapidly scale their leading technology platform to improve the delivery of insurance to millions of under-insured individuals and families based in India and Southeast Asia.
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