Thailand-based insurtech platform AppMan announced it has raised US$4.6 million in its series A funding round from Siam Alpha Equity’s SME Growing Together 1 fund, Krungsri Finnovate, Casmatt, KTBST, and Poems Ventures, the venture arm of PhillipCapital Group.
Founded in 2011, AppMan started as a mobile app development team then went on to provide insurance products through a digital medium. Its flagship product AgentMate is an electronic point-of-sales solution that provides its services to international and local Thai insurance firms.
Funds raised from the financing round will be used for the company’s expansion and development in the Asia Pacific region. It will use AI for insights screening of financial institutions.
“The software developed by AppMan is also significant, in line with the current global market conditions and the consumer behavior that has shifted to online,” said Akaphan Amatyakul, managing director of Siam Alpha Equity.
AppMan has raised a total of US$5 million to date. The company aims to raise more funds for its series B round in the next couple of years.
The insurtech firm will also capitalize on a booming insurance market in Thailand, which is expected to hit US$9.1 billion by 2023.