Singapore-based insurtech firm Symbo Platform Holdings said it has completed US$9.4 million in a series A round led by CreditEase Fintech Investment Fund.
Think Investments, along with existing investors Integra Partners, Insignia Ventures Partners, and AJ Capital also joined in the round.
Founded in 2017, Symbo supports agents, third-party administrators, brokers, corporates, and insurers in the purchase, distribution, and administration of insurance across India and Southeast Asia.
With the new funds, the company will bolster its technology platform and leadership team to scale across India and Southeast Asia. It will hire talent across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia, and Indonesia.
A large portion of the funds has also been earmarked for investment into Symbo’s Indian affiliate, Symbo India Insurance Broking, with the intention of acquiring complete ownership of the business in the future.
The investment comes after Symbo completed the acquisition of Singapore-based digital health platform Vivant to complement its digital health offerings on the platform.
The insurtech startup claims that its combined platform empowers over 80,000 agents and 45 technology licensing partners, supporting over US$100 million in annual gross written premium across India, Malaysia, Singapore, and Indonesia.
“Digital-driven insurance and healthcare markets have huge potential, especially in India and Southeast Asia where customers are largely underserved, struggling to manage their insurance policies, or ending up being sold generic and irrelevant products,” said Dennis Cong, managing partner of CreditEase Fintech Investment Fund.