Malaysia’s Axiata Digital invests $16.8m into Swedish insurtech BIMA

BIMA, an insurance technology (insurtech) firm that provides microinsurance to underserved families in emerging markets, has closed $16.8 million from Axiata Digital, the digital services arm of Axiata Group Berhad (Axiata).

Axiata Digital joins existing shareholders Kinnevik, Millicom (Tigo), LeapFrog Investments and Digicel.

Axiata Digital replaces existing shareholders’ commitment for the second instalment of a C-series fundraising completed in June 2015. To date, BIMA has raised $75 million in equity funding.

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.” 

The Asian telecom corporation, which has a presence in 10 countries and has over 320 million customers across the region, already works with BIMA as a partner in several markets. This investment will deepen the integration between BIMA and Axiata while opening up new high-growth markets across Asia.

According to a media release, an example of the collaboration between BIMA and Axiata Digital has seen an Axiata subsidiary, Smart, become the largest provider of life insurance in Cambodia. At end 2016, approximately 3 million Axiata customers in three of its operating companies are covered by mobile insurance policies.

Mohd Khairil Abdullah, CEO of Axiata Digital, said, “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. As a long-term partner, we recognise the strength of BIMA’s technology and model, and have seen its growth trajectory.”

The deal comes at a time when telecom firms are placing more private market bets in an effort to keep ahead of technological disruption, tap a pipeline of new products and services and expand their offerings.

Also Read:

MY: Axiata, edotco ink pact on $600m deal with Khazanah, INCJ

Malaysia: Soundwave-based tech firm VAV Apps gets $556K from Axiata fund

Malaysian telematics startup KATSANA gets $893K from Axiata fund

Insurance-tech will face regulatory barriers in Asia: Samuel Hall, Startupbootcamp Fintech

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.