Eazy Digital, a Thai insurtech startup, has raised $850,000 in seed funding led by Wavemaker Partners, a Singapore- and Los Angeles-based seed investor.
The round, which was oversubscribed, also received the backing of Switzerland’s Seedstars International Ventures, Sasin Bangkok Venture Club, and Wing Vasiksiri, an angel investor, according to a company statement on Monday.
Eazy Digital helps insurance companies manage their agents, operations, user referrals, and engagement.
It plans to spend the fresh capital on product development to widen its client base and expand its team with the goal to become a go-to platform for insurance companies that seek digital transformation and automation at a low cost.
Thailand’s large insurance players are reaping the advantages of digitization projects from their funding sources and support from parent companies while smaller-to-medium insurers with more limited resources are at a risk of being left behind, the statement said.
“The insurance industry is still in its infancy in the journey of digitization. Current startups are focused on the digital distribution of products via partnerships (embedded insurance), direct-to-consumers, and agency platforms. However, insurance companies themselves have been left unattended and have to often find their own solutions to the digitization of processes and distribution,” said Harprem Doowa, co-founder of Eazy Digital.
Founded in 2022, Eazy Digital offers a SaaS solution to small- and medium-sized insurance companies to digitize their processes and sales. The firm recently closed a deal with a couple of insurance companies with incoming clients in the discussion, according to a public LinkedIn post.
When asked about venture capital interests Twwo Jaruthassanakul, Investment Manager for Asia at Seedstars International Ventures told DealStreetAsia that: “There is a growing interest from international investors particularly for late-stage startups in Thailand, with the majority of this interest coming from Asian funds rather than the West. A number of top regional funds have also established a presence in Bangkok by building local teams.”
Openspace and Vertex Ventures, among Southeast Asia’s leading venture capitalists, have investment professionals on the ground in Bangkok.